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KUALA LUMPUR, March 9 ― Bursa Malaysia remained on an upward momentum at mid-morning today, supported by buying interest in heavyweight stocks, led by Top Glove and telecommunication counters.
Top Glove contributed 2.17 points to the barometer index, while Axiata and Digi added 1.73 and 1.61 points, respectively.
At 11.00am, the benchmark FTSE Bursa Malaysia (FBM KLCI) rose 8.94 points to 1,617. 78 from yesterday’s close of 1,611.81.
The market had opened 4.18 points higher at 1615.99.
On the broader market, the number of gainers and losers were almost equal at 472 versus 471, while 489 counters were unchanged, 746 untraded and eight others suspended.
Total volume stood at 3.40 billion units worth RM1.97 billion.
In a research note, Rakuten Trade Sdn Bhd said the Wall Street is currently at a crossroads as traders rejoiced over the US$1.9 trillion (RM7.8 trillion) stimulus package while keeping an eye on the higher bond rates.
It said the United States (US) equities market closed mixed, with the Dow Jones Index Average ending at a record high of around the 31,800 mark, up by 306 points; while the Nasdaq slumped 311 points.
Meanwhile, regional markets are expected to remain mixed following yesterday’s rather unexpected decline.
“On the local front, we expect bargain hunting to continue although the market undertone is still cautious. Signs of positive foreign fund flows of late could be due to the attractive valuations,” it said.
The research house reckoned that the FBM KLCI may test the 1,615-1,620 levels today, noting that the plantation players were largely ignored despite the solid Crude Palm Oil (CPO) prices.
“So the counters may see some buying interests going forward,” it added.
Among the heavyweights, both Maybank and Petronas Chemicals shed two sen to RM8.48 and RM8.33, respectively, IHH Healthcare eased five sen to RM5.24, Tenaga gained 12 sen to RM10.52, while Public Bank was flat at RM4.40.
Of the actives, Sealink slid four sen to 24.5 sen, Jadi Imaging added three sen to 15.5 sen, AirAsia X and KTG edged up half-a-sen each to 10 sen and 23 sen, respectively, and AirAsia Group gained five sen to RM1.01.
On the index board, the FBM Emas Index rose 70.42 points to 11,794.19, the FBMT 100 Index expanded 69.86 points to 11,500.41, the FBM Emas Shariah Index surged 105.32 points to 12,986.74, the FBM ACE bagged 25.19 points to 10,251.22 and the FBM 70 soared 118.01 points to 15,310.50.
Sector-wise, the Industrial Products and Services Index edged up 0.50 of-a-point to 187.90, the Plantation Index rose 51.28 points to 7,167.07, while the Financial Services Index eased 1.27 points to 15,688.73. ― Bernama
Source: Malay Mail
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