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Bursa opens higher on buying interest

bursa-opens-higher-on-buying-interest

KUALA LUMPUR,. Bursa Malaysia rebounded from yesterday’s losses to open higher, driven by renewed buying interest amidst mixed sentiment on the domestic economic outlook, dealers said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,505.05 from Thursday’s close of 1,501.97.

The index opened 1.39 points better at 1,503.36.

On the broader market, gainers surpassed losers 238 versus 148, while 284 counters were unchanged, 1,546 untraded and 32 others suspended.

Turnover stood at 361.36 million units worth RM148.99 million

In a research note today, Malacca Securities Sdn Bhd said the FBM KLCI retreated yesterday on the back of rising local Covid-19 cases, while investors continued to monitor the local political developments.

“Meanwhile, based on the Nasdaq’s overnight performance, we believe bargain hunting activities might emerge in the technology sector.

“Additionally, with the rising metal prices, investors are likely to focus on building material sectors, especially in the aluminium companies today,” it said.

Meanwhile, it said investors are eyeing the second quarter 2021 (Q2 2021) Gross Domestic Product (GDP) data which will be released today.

“Commodity-wise, both the crude palm oil (CPO) and crude oil prices had declined, while metal commodities rose amidst booming global demand, coupled with the fresh logistics disruptions in China following the partial shutdown of the world’s third-busiest container port due to Covid-19.

“On the local bourse, investors may continue to monitor the 1,500 level, with next resistance envisaged at 1,520, while the support is set around 1,480-1,500,” it added.

Among the heavyweights, Maybank advanced 2.0 sen to RM8.03, Petronas Chemicals went up 1.0 sen to RM8, Public Bank and TNB were flat at RM3.95 and RM9.70, respectively, while IHH Healthcare went down 2.0 sen to RM5.81.

Among the actives, Opcom added 5.5 sen to 57.5 sen, KNM rose 1.0 sen to 21 sen, Serba Dinamik perked 1.5 sen to 43.5 sen, while TA Win slipped 1.0 sen to 16 sen.

On the index board, the FBM Emas Index was 26.95 points higher at 10,034.45, the FBM ACE gained 3.48 points to 7,148.51, the FBM 70 improved 47.35 points to 14,584.72, the FBM Emas Shariah Index bagged 41.23 points to 12,128.18, and the FBMT 100 Index rose 25.33 points to 10,749.20.

Sector-wise, the Financial Services Index increased 9.26 points to 14,780.59, the Plantation Index secured 21.55 points for 6,143.08, while the Industrial Products and Services Index earned 0.63 of-a-point to 189.43. — Bernama

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