Bursa Malaysia rebounds mildly in early trade Thursday

Bursa Malaysia rebounds mildly in early trade Thursday

KUALA LUMPUR: Bursa Malaysia managed to rebound mildly at Thursday’s opening from yesterday’s marginal weakness, amid improvements in oil prices and fresh optimism over vaccine progress.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.44 point to 1,600.16 from Wednesday’s close of 1,598.72.

The index opened 2.41 points higher at 1,601.13.

On the broader market, gainers outpaced losers 325 to 149, while 342 counters were unchanged, 1,318 untraded and 25 others suspended.

Volume increased to 486.44 million units worth RM171 million.

Malacca Securities reckoned that the general recovery trend in the domestic market is still intact as the attention remains focused on the pace of economic recovery.

“The positive development over the Covid-19 vaccine will also continue to aid the recovery progress.

“Meanwhile, the lower liners are expected to charge higher, driven by the ample liquidity, with the equities market remaining in favor,“ it said in a note today.

Sector-wise, the energy segment is poised for a recovery after crude oil prices snapped a three-day pullback amid the unexpected decline in the United States inventory ahead of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) meeting today.

Additionally, the technology sector may garner further trading interests following the strong third quarter (Q3) semiconductor equipment billings.

It was reported that the global semiconductor equipment billings surged 30 per cent year-on-year to US$19.4 billion during the period.

Among the heavyweights, Public Bank gained 14 sen to RM18.08, Top Glove recovered four sen to RM6.72, while Hong Leong Bank and Petronas Gas rose 14 sen each to 18.26 and RM17.94, respectively.

Meanwhile, QL Resources and Boilmerch have requested for trading of their shares to be suspended from 9am today, pending an announcement.

Among the actives, Fintech Global added 1.5 sen to 11.5 sen, Bioalpha went up two sen to 33 sen and Dynaciate rose one sen to 1.5 sen.

On the index board, the FBM Emas Index increased 16.1 points to 11,577.62, the FBMT 100 Index was 15.41 points better at 11,333.51 and the FBM Emas Shariah Index was 29.62 points higher at 13,359.88.

The FBM 70 expanded 40.57 points to 15,010.31 and the FBM ACE inched up 59.45 points to 10,632.57.

Meanwhile, the Industrial Products and Services Index added 0.42-of-a-point to 168.77, the Plantation Index improved 2.02 points to 7,341.38 and the Financial Services Index lost 8.63 points to 14,286.95.-Bernama