Bursa Malaysia opens higher on news Malaysia will lift MCO

KUALA LUMPUR – Bursa Malaysia opened higher on Wednesday on the back of improving buying momentum, reported Bernama.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 8.14 points, or 0.52%, to 1,578.01 from 1,569.87 at Tuesday’s close.

The key index opened 7.03 points higher at 1,576.9.

On the broader market, gainers led losers 288 to 215, while 302 counters were unchanged, 1,348 untraded and nine others suspended. Total volume stood at 566.29 million units worth RM243.72 million.

Malacca Securities Sdn Bhd believes that the local bourse should trade in an upward bias tone following the change of movement control order (MCO) status for Selangor, Johor, Penang, and Kuala Lumpur.

“Meanwhile, the number of Covid-19 confirmed cases daily has dropped to [a] year-to-date low. However, note that the negative sentiment on Wall Street overnight could cap the upside potential on the local front,” it said in a research note today.

Malacca Securities said the news on the easing of travel restrictions would continue to attract buyers in the recovery-theme stocks and traders might focus on sectors such as consumer, poultry, and retail, as well as construction.

“Meanwhile, technology stocks may be lifted by UWC Bhd’s results,” it added.

Among heavyweights, Maybank rose six sen to RM8.14, Public Bank gained four sen to RM4.26, TNB jumped 10 sen to RM10.46, CIMB added one sen to RM4.29, Petronas Chemicals and IHH Healthcare were flat at RM7.53 and RM5.50 respectively, while Axiata fell five sen to RM3.43 and MISC eased three sen to RM6.73.

Of the actives, UWC jumped 17 sen to RM6.70, Parkson advanced 5.5 sen to 24.5 sen, Kanger International went up one sen to 11.5 sen, Mestron increased two sen to 29 sen, TFP Solutions rose 1.5 sen to 22 sen, while Aimflex shed 1.5 sen to 30 sen, Grand-Flo slipped 7.5 sen to 50.5 sen, and AMMB Holdings decreased 35 sen to RM2.81.

On the index board, the FBM Emas Index bagged 32.47 points to 11,608.99, the FBMT 100 Index improved 32.29 points to 11,307.01, the FBM Emas Shariah Index was 31.33 points higher at 12,921.88, the FBM ACE expanded 35.19 points to 10,606.55 and the FBM 70 narrowed 55.64 points to 15,480.2.

Sector-wise, the Industrial Products and Services Index inched up 0.35 of-a-point to 184.39, the Plantation Index strengthened 20.77 points to 7,160.05, and the Financial Services Index advanced 34.62 points to 15,067.45.