Bursa Malaysia, Asian peers higher ar opening on US stimulus optimism

Bursa Malaysia, Asian peers higher ar opening on US stimulus optimism

KUALA LUMPUR: Bursa Malaysia opened higher on Monday, in line with its regional peers amid optimism on the US stimulus talks.

At 9.02 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.17 points, or 0.27 per cent, to 1,508.01 from 1,503.84 at Friday’s close.

The market barometer opened 3.37 points higher at 1,507.21.

On the scoreboard, gainers trounced losers 309 to 88, while 290 counters were unchanged, 1,464 untraded and 23 others suspended.

Total volume stood at 390.21 million units worth RM148.76 million.

Regionally, Japan’s Nikkei increased 1.08 per cent to 23,664.25, the Shanghai Composite Index gained 0.13 per cent to 3,336.36 and South Korea’s KOSPI Composite Index was 0.38 per cent better at 2,350.34.

Malacca Securities Sdn Bhd reckoned that after three consecutive days of pullback, a rebound is in store as investors bargain hunt on beaten-down stocks.

“The upcoming release of China’s third quarter 2020 gross domestic product (GDP) data may serve as a leading indicator to the pace of global economic recovery with only double digits of new daily cases reported since April 2020.

“Meanwhile, trading activities that remain relatively robust will ensure the rotational play remains in place under the prevailing low-yield environment,” the brokerage firm said in a note today.

On sector focus, it said while countries worldwide still recording higher Covid-19 new daily cases, the healthcare sector would continue to be busy.

The technology sector will also remain in a sweet spot premised to the relatively robust demand.

To recap, the FBM KLCI slipped 0.7 per cent to end lower for the week just ended as the key index recorded its third straight decline led by Petronas-related and selected telco heavyweights.

The lower liners, however, ended in green following 8.7 billion shares exchanging hands across Bursa Malaysia — the highest since Sept 2, 2020.

Meanwhile, the broader market ended mostly in negative territory.

Of the heavyweights, Maybank gained one sen to RM7.16, Top Glove bagged 14 sen to RM9.39, Hartalega garnered eight sen to RM18.46 and Public Bank was four sen higher at RM15.90.

The most active counters were led by AT Systematization, which gained one sen to 9.5 sen, Mah Sing perked 11.5 sen to RM1.06, while both Luster and its warrants added 1.5 sen and two sen each to 19 sen and 9.5 sen, respectively.

Top gainers included Nestle, accumulating 40 sen to RM139.80, G3 Global rising 27 sen to RM3.27, Scientex improving 16 sen to RM11.96 and Rubberex advancing 14 sen to RM2.71.

Top losers such as Yinson lost 25 sen to RM5.18, Melati Ehsan slipped eight sen to 39.5 sen and VS Industry was four sen lower at RM2.48.

On the index board, the FBM Emas Index rose 32.77 points to 10,970.84, the FBMT 100 Index climbed 29.96 points to 10,770.18 and the FBM Emas Shariah Index increased 43.18 points to 13,183.79.

The FBM 70 added 41.08 points to 14,612.79 and the FBM ACE jumped 93.40 points to 11,065.28.

The Financial Services Index improved 26.96 points to 12,436.63, the Plantation Index grew 10.43 points to 6,868.94 and the Industrial Products and Services Index eked out a small gain of 0.48 of-a-point to 144.08.-Bernama

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