Bursa Malaysia opens slightly lower, rebounds within minutes

Bursa Malaysia opens slightly lower, rebounds within minutes

KUALA LUMPUR: Bursa Malaysia opened slightly lower today, but rebounded within minutes of trading as investors remained positive over the bullish global economic outlook, with the development of Covid-19 vaccine lending further support to the market, a dealer said.

At 9.15am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) earned 0.02 of-a-point to 1,599.68 after opening 0.04 of-a-point lower at 1,599.62.

Gainers led losers 434 to 373, while 327 counters were unchanged, 1,030 untraded and 18 others suspended.

Total volume stood at 2.78 billion worth RM858.26 million.

Malacca Securities Sdn Bhd said the lower liners may continue their upbeat momentum today, spurred by the liquidity-driven market.

“We reckon that gains would likely to extend for the FBM KLCI to power beyond the 1,600 psychological level, owing to the positive progress over the Covid-19 vaccine development from Moderna.

“At the same time, gains will be backed by the positive momentum on Wall Street overnight, coupled with expectations that the economy will continue to deliver a quicker-than-expected recovery,” it said in a research note today.

Among the heavyweights, Maybank rose 8.0 sen to RM8.22, Public Bank gained 24 sen to RM18.72, TNB advanced 4.0 sen to RM11.24, Petronas Chemicals increased 2.0 sen to RM6.72, while Top Glove decreased 53 sen to RM6.67.

Of the actives, Trive Property earned half-a-sen to 2.0 sen, MTouche added 1.5 sen to 12 sen, Pegasus was flat at 3.0 sen, while AT Systematization slipped 1.5 sen to 24.5 sen.

On the index board, the FBM Emas Index was 0.94 of-a-point easier at 11,473.67, the FBM Emas Shariah Index lost 113.60 points to 13,072.05, the FBMT 100 Index improved 0.58 of-a-point to 11,263.92, the FBM 70 increased 2.35 points to 14,659.84, and the FBM ACE declined 89.56 points to 11,480.53.

Sector-wise, the Industrial Products and Services Index earned 0.63 of-a-point to 157.83, the Plantation Index perked 8.74 points to 7,286.14 and the Financial Services Index jumped 228.99 points to 14,372.87.-Bernama