Bursa opens higher

KUALA LUMPUR, March 21 — Shares on Bursa Malaysia opened higher today as the market rebounded from yesterday's oversold position.

At 9.11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,858.69, up 2.3 points from yesterday's close of 1,856.39.

The key index opened 3.14 points higher at 1,859.53.

A dealer said the market is expected to remain cautious today, taking cue from Wall Street which saw an an aggressive sell-off in social media stocks, fuelled by concerns about increased regulatory scrutiny of the sector.

“Adding to the cautious mood was uncertainty over whether the Federal Reserve would signal a faster pace of interest rate rises this year when its first meeting under the chairmanship of Jay Powell concludes on Wednesday,” he said.

Among heavyweights, Maybank added four sen to RM10.38, Public Bank and TNB gained two sen each to RM23.54 and RM15.78 respectively, CIMB perked six sen to RM7.26 and Petronas Chemicals earned three sen to RM8.22.

Of the actives, Media Chinese Digital added 3.5 sen to 46.5 sen, Panpage and Sapura Energy gained one sen each to 30 sen and 49.5 sen respectively, and Comintel perked nine sen to 78 sen.

Nexgram was flat at five sen.

The FBM Emas Index bagged 14.16 points to 13,068.55, the FBMT 100 Index was 22.2 points higher at 12,837.94, while the FBM Emas Shariah Index declined 8.949 points to 13,219.98.

The FBM 70 jumped 48.649 points to 15,662.39 and the FBM Ace surged 175.66 points at 5,993.55.

Sectorwise, the Finance Index rose 62.67 points to 18,148.63, the Plantation Index was 13.94 points better at 8,021.89, but the Industrial Index went down 18.77 points to 3,243.17.

Market breadth was positive with 196 gainers against 79 losers, while 207 counters were unchanged, 1,411 untraded and 22 others suspended.

Turnover stood at 147.87 million shares worth RM67.41 million. — Bernama

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