Bursa opens easier but rebounds thereafter

Bursa opens easier but rebounds thereafter
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KUALA LUMPUR (April 8): Bursa Malaysia opened easier but rebounded thereafter today, attempting to extend yesterday’s gains, despite the flat overnight performance on Wall Street.

The US stock markets staged a modest recovery after the US Federal Reserve signals no changes to the current bond-buying programme.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.02 points to 1,602.61 from Wednesday’s close of 1,600.59.

The index opened 0.78 of-a-point easier at 1,599.81.

On the broader market, gainers led losers 240 to 207, while 373 counters were unchanged, 1,336 untraded and 25 others suspended.

Total volume stood at 520.28 million shares worth RM249.59 million.

Malacca Securities Sdn Bhd said the FBM KLCI snapped its two-day losing streak and buying interest pushed the key index to close above the 1,600 psychological level.

“We believe the foreign buying support yesterday may continue to lift FBM KLCI members in the near term. Given the higher oil prices resulting from the recovery of global economy, coupled with the smooth ongoing COVID-19 vaccination, it should bring some optimism to the market.

“The key index may have a positive bias moves over the near term with the resistance envisaged along 1,615 to 1,635, while the support level is set at 1,565 to 1,575,” it said.

Meanwhile, the crude palm oil price has rebounded again above the RM3,800 level, it noted

The research house said with the commodities such as crude palm oil, crude oil and metal-related metal such as iron, copper and aluminium on the rise, market participants may focus on commodity-related counters for the day.

It added that sector-focus traders will still look out for the recovery-theme sector such as consumer, aviation, tourism, construction and property on the back of the ongoing vaccination plan on the local front.

Of the heavyweights, Public Bank gained three sen to RM4.25,  Petronas Chemicals added four sen to RM7.99,  while Maybank fell eight sen to RM8.40, Tenaga shed two sen to RM10.24, and IHH Healthcare was flat at RM5.31.

Among the active counters, Luster Industries and its warrant added one sen each to 24.5 sen and 14.5 sen, respectively, DGB Asia and Pasukhas Group edged up half- a-sen each to 6.5 sen and three sen, respectively, while Permaju was flat at 22 sen.

On the index board, the FBM Emas Index was up 11.19 points to 11,857.18, the FBMT 100 increased 10.38 points to 11,507.14, the FBM Emas Shariah advanced 27.44 points to 13,150.42, and the FBM ACE expanded 23.06 points to 9,660.60.

The FBM 70 eased 1.37 points to 15,847.13.

Sector-wise, the Industrial Products and Services Index edged up 0.24 of-a-point to 195.12, the Financial Services Index slipped 15.5 points to 15,363.71, while the Plantation Index went down 17.48 points to 7,060.43.