KUALA LUMPUR, March 10 — Bursa Malaysia continued its upward momentum to open higher Wednesday, tracking the performance of the stronger overnight US equities with Nasdaq rallied to recoup previous session losses as US bond yields retreated.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.94 points to 1,630.72 from Tuesday’s close of 1,624.78.
The key index opened 4.25 points higher at 1629.03.
On the broader market, losers outpaced gainers 420 to 145, while 314 counters were unchanged, 1,316 untraded and eight others suspended.
Total volume stood at 436.02 million units worth RM282.23 million.
Malacca Securities Sdn Bhd said as the economic recovery is taking shape following the declining Covid-19 cases, the FBM KLCI continued its upward march with the key index hovering steadily above the 1,600 psychological level.
“Tracking the strong rebound in tech heavyweights on Wall Street, we expect bargain-hunting activities to emerge on the local technology stocks, which have been hammered down over the past week.
It also noted that crude palm oil (CPO) prices have been trading firmer near the RM4,000 level.
“Given the rebound in Nasdaq, market players may position themselves in the tech sector, while continuing to pick up on laggard counters in the recovery-themed sectors, such as gaming, aviation, consumer, construction and property.
“Besides, we should expect to see some buying interest in the plantation counters amid firmer CPO prices,” it added.
Among heavyweights, Maybank and CIMB added one sen each to RM8.51 and RM4.66, respectively, Public Bank gained three sen to RM4.45, Tenaga eased two sen to RM10.68, while Petronas Chemicals was flat at RM8.13.
Of the actives, KTG and Dagang Nexchange warrant improved one sen each at 24 sen and 35.5 sen, respectively, Dagang Nexchange increased 1.5 sen to 74.5 sen, Saudee Group advanced six sen to 60 sen, while Dynaciate was flat at 15 sen.
On the index board, the FBM Emas Index rose 61.87 points to 11,896.84, the FBMT 100 Index expanded 58.12 points to 11,599.48 and the FBM Emas Shariah Index was 79.97 points higher at 13,102.69.
The FBM ACE surged 114.36 points to 10,304.08 and the FBM 70 soared 139.78 points to 15,761.09.
Sector-wise, the Financial Services Index climbed 18.67 points to 15,761.09, the Plantation Index gained 4.32 points to 7,172.0 and the Industrial Products and Services Index edged up 0.68 of-a-point to 187.90.
— Bernama
