Bursa Malaysia extends gains to open higher

Bursa Malaysia extends gains to open higher

KUALA LUMPUR: Bursa Malaysia extended yesterday’s gains to open higher amid positive sentiment brought by the approval by Parliament of Budget 2021, while taking the cue from the overnight US stocks strong performance.

Fresh optimism over the US stimulus package pushed Wall Street higher with the Nasdaq charting a record high and the Dow Jones Index Average jumped by 340 points to remain above the 30,000 mark, dealers said.

At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 13.99 points higher at 1,688.01 compared to Tuesday’s close of 1,674.05.

It opened 20.31 points lower at 1,694.33.

The overall market breadth was also positive with gainers leading losers 518 to 137, while 354 counters were unchanged, 1,135 untraded and 18 others suspended.

Volume stood at 773.91 million units worth RM352.99 million.

In a note today, Malacca Securities Sdn Bhd said tracking the positive sentiment on Wall Street, coupled with the approval of third budget reading yesterday, the buying interest is expected to spillover towards stocks on the local front.

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“Also, with the ongoing window dressing activities, the FBM KLCI could be lifted higher as funds may be rotating back towards value and recovery themed stocks over the next two weeks.

“On the sector in focus, the firm viewed that with the approval on Budget 2021, traders could focus on recovery sectors and we should expect a broad based buying mode at least for the near term with the ongoing window dressing activities.

“Construction, property, consumer, gaming and tourism should be under the limelight, while lumber related stocks may trend higher on the back of firmer lumber price,“ it added.

Among the heavyweights, Maybank and Tenaga added six sen each to RM8.91 and RM10.86, respectively, Public Bank rose 40 sen to RM22.08, Top Glove gained 17 sen to RM6.58, while Petronas Chemicals shed 15 sen to RM7.81.

Of the actives, Sino Hua-An improved one sen to 21.5 sen, Dynaciate bagged two sen to 14 sen, AT Systematization and Sapura Energy edged up half-a-sen each to 18.5 sen and 13.5 sen, respectively, while Yong Tai was flat at 35.5 sen.

On the index board, the FBM Emas Index was 103.12 points higher at 12,112.15, the FBMT 100 Index climbed 100.41 points to 11,876.30, the FBM 70 jumped 138.08 points to 15,419.21, the FBM ACE rose 85.20 points to 10,776.52, and the FBM Emas Shariah Index advanced 93.07 points to 13,390.03.

Meanwhile, the Industrial Products and Services Index eased 0.62 of-a-point to 177.03, the Plantation Index shed 7.48 points to 7,384.41, but the Financial Services Index surged 167.63 points to 16,119.35.-Bernama