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Tuesday, January 12, 2021

Bursa Malaysia rebounds after opening lower

The market turned positive after 10 minutes of trading with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advancing 3.53 points to 1,620.78 at 9.15am. — Reuters pic
The market turned positive after 10 minutes of trading with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advancing 3.53 points to 1,620.78 at 9.15am. — Reuters pic

KUALA LUMPUR, Jan 12 ― The healthcare, logistics and telco counters pushed Bursa Malaysia higher as investors sought beaten-down counters in the previous session.

The market turned positive after 10 minutes of trading with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advancing 3.53 points to 1,620.78 at 9.15am.

The index opened 1.41 points lower at 1,615.84 compared with yesterday’s close of 1,617.25.

On the broader market, gainers surpassed losers 299 to 290, while 313 counters were unchanged, 1.182 untraded and 12 others suspended.

Total volume stood at 591.6 million units worth RM338.98 million.

Malacca Securities said the negative market sentiment from tighter movement restrictions announced by Prime Minister Tan Sri Muhyiddin Yassin yesterday may not last long while the market awaits the vaccine rollout.

The World Health Organisation (WHO) called Monday for a collective commitment so that within the next 100 days, coronavirus vaccination for health workers and those at higher risk in all countries can begin, with one official saying the hope is for a rollout during February.

“Fear over the new lockdown measures has driven profit-taking activities on the local bourse, leading the FBM KLCI to close lower after a choppy trading session yesterday.

“The lower liners might also see greater selling pressure,” it said in a note today.

The research house believes the plantation sector may continue to be under the limelight after emerging as the biggest winner across the broader market yesterday, supported by Malaysian lower palm oil inventories in December.

Besides, a follow-through buying interest in the technology sector may drive the sector higher.

Meanwhile, a lead from Wall Street was bearish after the stock markets snapped a four-day rally as the Dow (-0.3 per cent) and S&P 500 (-0.7 per cent) retreated from the all-time high on mounting concern over the stretched valuations, while the COVID-19 cases remain at large.

Crude oil futures settled flat on Monday as rising COVID-19 cases raised concerns about the outlook for energy demand.

Glove makers led the heavyweights counters, with Top Glove soaring 19 sen to RM6.62, Hartalega adding 36 sen to RM12.58 and Supermax improving 27 sen to RM7.30.

TM and Axiata advanced 19 sen and five sen each to RM5.70 and RM3.68.

In contrast, PPB Group shed 58 sen to RM18.72 and CIMB reduced six sen to RM3.98.

Of the actives, Hubline was half-a-sen firmer at 5.5 sen, Bintai Kinden gained five sen to 71.5 sen and Iris was one sen higher at 35.5 sen.

On the index board, the FBM Emas Index rose 16.19 points to 11,564.67, the FBMT 100 Index added 12.06 points to 11,325.12, and the FBM Emas Shariah Index expanded 57.60 points to 13,128.29.

The FBM ACE recovered 85.41 points to 10,444.45 and the FBM 70, however, dropped 34.23 points to 14,398.85.

Sector-wise, the Financial Services Index remained in the red, losing 59.45 points to 14,771.96, while the Industrial Products and Services Index increasing 0.45 of-a-point to 172.45 and the Plantation Index rising 1.46 points to 7,485.03. ― Bernama




Source: Malay Mail

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