Bursa opens higher on improved market sentiment

04-Aug-2021 Intellasia | Malay Mail | 5:02 AM Print This Post

Bursa Malaysia was slightly higher in early trade today, reversing yesterday’s downtrend as market sentiment improved on hopes for stimulus packages from the United States and China, coupled with a decline in daily local Covid-19 cases, dealers said.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.44 of-a-point to 1,493.44 from Monday’s close of 1,493.0.

The index opened 0.15 of-a-point better at 1,493.15.

Health director-general Tan Sri Dr Noor Hisham Abdullah was reported as saying that the number of daily Covid-19 cases in Malaysia dropped on Monday to 15,764 compared with 17,150 a day earlier.

However, on the broader market, decliners slightly outnumbered gainers 175 versus 159, while 247 counters were unchanged, 1,591 untraded and nine others suspended.

Turnover stood at 209.27 million units worth RM107.34 million.

Malacca Securities Sdn Bhd said Investors are likely to be more cautious in selecting stocks, given the heightened political uncertainties, but there might be some buying interest in companies with bright outlook amid the upcoming corporate earnings season.

“As selected technology stocks have release stellar results recently, they may continue with their uptrend move and this could spillover to the rest of the technology sector, including electronics manufacturing services players.

“Investors are likely to trade in a cautious mode, with the next support level set at 1,480, followed by 1,450, while the resistance is located at 1,500,” it said in a note today.

Of the heavyweights, Maybank and Public Bank added one sen each to RM8.00 and RM3.98 respectively, Tenaga bagged two sen to RM9.65, while PetChem was flat at RM8.05.

IHH, however, fell seven sen to RM5.65 following the decline in daily Covid-19 cases.

Among the actives, Fitters perked two sen to 38 sen, Greenyield inched up half-a-sen to 38.5 sen, Emico rose eight sen to 38.5 sen, YGL added one sen to 31 sen, and YLI rose 12.5 sen to 54.5 sen.

On the index board, the FBM Emas Index was 2.25 points higher at 10,987.91, the FBMT 100 Index improved 2.17 points to 10,694.3, and the FBM ACE went up 2.26 points to 7,089.19.

However, the FBM 70 slipped 0.68 of-a-point to 14,619.15 and the FBM Emas Shariah Index erased 4.56 points to 12,066.71.

Sector-wise, the Financial Services Index rose 15.68 points to 14,684.23, the Plantation Index gained 8.16 points to 6,017.4 and the Industrial Products and Services Index added 0.18 of-a-point to 188.0.



Category: Malaysia

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