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Bursa rebounds on positive regional sentiment

bursa-rebounds-on-positive-regional-sentiment

KUALA LUMPUR,. Bursa Malaysia reversed yesterday’s downtrend to open higher today in tandem with its regional peers, thanks to improved market sentiment, dealers said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.25 points to 1,495.58 from Wednesday’s close of 1,491.33.

The index opened 2.32 points better at 1,493.65.

On the broader market, gainers led losers 168 versus 127, while 252 counters were unchanged, 1,645 untraded and 10 others suspended.

Turnover stood at 180.9 million units worth RM89.29 million.

Malacca Securities Sdn Bhd said the FBM KLCI reversed previous session’s gains to close in negative territory yesterday as investors recoiled following the record high COVID-19 daily confirmed cases recorded and the ongoing political noises in the country.

It said the local bourse witnessed outflow of foreign funds for nine continuous trading sessions on the back of the overall negative market stance.

“Nevertheless, the Prime Minister’s announcement on the resumption of Parliament sitting next month, as well as the increasing vaccination rate could reduce the uncertainties in the market.

“As the 1,500 level gave ways, investors may watch for the next support level at 1,480, while the resistance is located at 1,500,” it said in a note.

On sectoral basis, the research firm expects the utilities sector, being viewed as steady and defensive, might continue to take the spotlight amid the overall negative market sentiment.

Besides, the technology sector might trend higher, tracking the overnight gains in Nasdaq, it said.

Of the heavyweights, Maybank added two sen to RM8.03, Public Bank bagged three sen to RM3.99, Petronas Chemicals rose nine sen to RM8.09, while IHH was flat at RM5.71.

Tenaga, however, erased seven sen to RM9.76.

Among the actives, Dagang Nexchange and BTM added 1.5 sen each to 77 sen and 25 sen, respectively, SBC perked 10 sen to 61 sen, and Saudee and Matang inched up half-a-sen each to 9.5 sen, respectively.

On the index board, the FBM Emas Index was 34.29 points higher at 10,989.75, the FBMT 100 Index increased 30.32 points to 10,699.58, the FBM ACE edged up 21.63 points to 7,104.1, the FBM 70 advanced 41.08 points to 14,587.331, and the FBM Emas Shariah Index improved 22.44 points to 12,054.36.

Sector-wise, the Financial Services Index rose 86.47 points to 14,801.14, the Industrial Products and Services Index added 0.78 of-a-point to 188.29, while the Plantation Index slid 2.69 points to 6,063.76. ― Bernama

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