Bursa opens higher in line with global markets

KUALA LUMPUR: Bursa Malaysia opened higher today, with all indexes traded in the positive territory in line with an overnight rally in key global market.

At 9.05 am, the key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.79 per cent or 36.12 points to 1,327.28 compared with yesterday’s close of 1,291.148.

At 10.30 a.m, the FBM-KLCI was at 1,341.28, up 50.14 points, the FBMACE was at 3,728.74, up 176.59 points, and the FBMEmas was at 9,113.07, up 370.34 points.

There were 726 gainers, 119 losers and 192 counters traded unchanged on the Bursa Malaysia.

Turnover amounted to 285.69 million shares worth RM136.70 million.

An analyst said the local bourse’s upward momentum is in line with global sentiment following various government’s initiative to address the economic impact of COVID-19.

“From Malaysia to Japan to the US, every government is taking measures to reduce the impact of the pandemic to the economy, which has boosted investor’s confidence into the market,” she said.

According to Bloomberg in its market wrap report, Japan equities opened about three per cent higher, while Australian and South Korean shares bounced about five per cent, with Asia-Pacific stocks heading for a second day of gains.

US-based stocks such as Dow Jones Industrial Average (DJIA) had the best day as investors rediscovered their appetite for risk with Congress closing in on an unprecedented spending bill to prop up the slumping economy.

On the oil front, benchmark Brent crude inched up to US$30.53. However, analysts remain on cautious mode as oil giants worldwide are bracing for a further decline of the commodity, to as low as US$10 per barrel.

Of heavyweights performance, Public Bank lead the gains with 84 sen to RM16.08, followed by Axiata as it surged 26 sen to RM3.53, Tenaga Nasional climbed 30 sen to RM12.12, Maybank was up 14 sen to RM7.44, and Petronas Chemicals upticked 19 sen to RM4.49.

Accumulatively, the five stocks contributed 18.84 points to the CI increase.

Of the actives, oil and gas-related counters continue to be on top with Hibiscus increased three sen to 34 sen and Velesto gained 1.5 sen to 12 sen.

On the index board, the FBM Emas Index surged 260.27 points to 9003.01, the FBM 70 gained 358.0 points to 10,056.73 and the FBM Emas Shariah Index garnered 250.64 points to 9,721.76.

The FBMT 100 Index increased by 259.33 points to 8,948.57 and the FBM Ace rose 122.63 points to 3,674.78.

Sector-wise, the Industrial Products and Services Index added 2.89 points to 100.21, the Plantation Index recovered 25.23 points to 5,859.31 and the Financial Services Index was 355.13 points better at 12,350.61. -Bernama