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Bursa Malaysia higher in early session

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KUALA LUMPUR,. Bursa Malaysia extended Monday’s gains to trade higher in the early session today, driven by continued buying in selected industrial products and services as well as financial services counters, amidst the cautious outlook in the regional markets, dealers said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.04 points to 1,503.77 from Monday’s close of 1,496.73.

The index opened 2.70 points better at 1,499.43.

On the broader market, gainers surpassed losers 291 versus 201, while 312 counters were unchanged, 1,400 untraded and nine others suspended.

Turnover stood at 435.36 million units worth RM211.78 million.

In a research note today, Malacca Securities Sdn Bhd said the key index may continue to trade in consolidation mode with resistance envisaged around 1,500-1,520, and the support level located at 1,450-1,480.

“Investors may remain upbeat on the recovery theme sectors such as consumers and building materials stocks as higher vaccination rates and gradual economic reopening are in focus.

“Additionally, the technology sector is still under the limelight amid positive expectations for the August earnings season,” it said.

However, it said the current Covid-19 and political developments in Malaysia may continue to supress buying interest in the local bourse.

The research firm noted that the FBM KLCI booked marginal gains on Monday prior to the Awal Muharram public holiday.

“The FBM KLCI and broader market turned higher on Monday, mainly boosted by gains in consumer-related and transportation and logistics sectors after the announcement on the relaxation of standard operating procedures for fully vaccinated individuals,” it said.

The local market also reacted well to the better-than-expected Industrial Production Index (IPI), which rose 1.4 per cent year-on-year in June.

Among the heavyweights, Maybank and Petronas Chemicals added 4.0 sen each to RM8.04 and RM8.04, respectively, Public Bank and TNB went up 2.0 sen each to RM3.98 and 9.70, respectively, while IHH Healthcare slipped 1.0 sen to RM5.78.

Among the actives, TA Win improved 1.5 sen to 18.5 sen, TFP Solutions and Scope Industries increased 1.0 sen each to 20.5 and 28.5 sen, respectively, while Tanco was flat at 21.5 sen.

On the index board, the FBM Emas Index was 44.73 points better at 11,043.07, the FBM ACE jumped 71.26 points to 7,265.47, the FBM 70 perked 52.10 points to 14,647.04, the FBM Emas Shariah Index gained 36.59 points to 12,108.78, and the FBMT 100 Index rose 47.20 points to 10,754.34.

Sector-wise, the Financial Services Index increased 71.33 points to 14,798.26, the Plantation Index advanced 23.89 points for 6,125.23, while the Industrial Products and Services Index added 1.43 points to 190.75. — Bernama

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