.JPG "An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. ― Picture by Hari Anggara")
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KUALA LUMPUR, March 1 — Bursa Malaysia opened slightly higher today on the back of buying support in heavyweights led by Public Bank and TNB.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.94 of-a-point, or 0.06 per cent, to 1,578.69 from 1,577.75 at Friday’s close.
The key index opened 0.95 of-a-point higher at 1,578.70.
On the broader market, gainers led losers 304 to 239, while 320 counters were unchanged, 1,280 untraded and 14 others suspended.
Total volume stood at 464.0 million units worth RM239.46 million.
Malacca Securities Sdn Bhd believes buying support could emerge today despite the downtrend in the FBM KLCI last week, as market sentiment is likely to turn positive following the news on the arrival of China’s Sinovac Covid-19 vaccine in Malaysia last Saturday.
“Nevertheless, we expect the political developments may provide volatility to the market. On the side note, commodities upcycle in crude palm oil and Brent crude oil are likely to sustain over the near to mid term based on the current momentum,” it said in a note.
On sector focus, Malacca Securities continues to like recovery-theme stocks on the back of positive vaccine news flows such as the gaming, tourism and consumer sectors.
“Meanwhile, we expect solar-related and construction players that involved engineering, procurement, construction and commissioning (EPCC) for the solar segment to trade firmer following comments from the Sultan of Johor,” it added.
Johor is set to become a major producer of eco-friendly energy in Southeast Asia with the opening of a solar power park, the Sultan Ibrahim Solar Park worth RM1.4 billion in Pengerang, Kota Tinggi.
Sultan of Johor Sultan Ibrahim Ibni Almarhum Sultan Iskandar said the solar power park with the capacity of 450 megawatts will be the biggest of its kind in the region.
Bursa Malaysia’s heavyweight, Public Bank advanced seven sen to RM4.23, TNB jumped 18 sen to RM10.28, IHH Healthcare went up four sen to RM5.12, Maybank gained six sen to RM8.09, while Hong Leong Bank was flat at RM18 and Top Glove declined 19 sen to RM5.05.
Of the actives, Vivocom surged 13 sen to RM1.18, Nexgram and Sapura Energy both edged up half-a-sen to five sen and 15 sen, respectively, Bumi Armada rose 1.5 sen to 41 sen, while EA Holdings was flat at four sen and Straits Interlogistics eased one sen to 17.5 sen.
On the index board, the FBM Emas Index bagged 18.64 points to 11,632.81, the FBMT 100 Index improved 16.91 points to 11,318.91, and the FBM Emas Shariah Index was 1.05 points higher at 12,980.2.
The FBM 70 widened 62.20 points to 15,523.37 and the FBM ACE expanded 16.38 points to 10,889.9.
Sector-wise, the Industrial Products and Services Index inched up 0.13 of-a-point to 185.47 and the Plantation Index advanced 16.95 points to 7,194.08.
The Financial Services Index rose 48.10 points to 15,050.44. — Bernama
Source: Malay Mail
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