Bursa Malaysia opens firmer

Bursa Malaysia opens firmer
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KUALA LUMPUR (Oct 18): Bursa Malaysia opened firmer on Monday, extending last week’s positive momentum following positive cues from Wall Street which was lifted by optimism in the corporate earnings seasons as well as improved labour data.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 7.18 points to 1,605.46 from last Friday's closing of 1,598.28.

The bellwether index opened 4.61 points higher at 1,602.89.

Market breadth was positive with gainers leading losers 305 to 146, while 323 counters were unchanged, 1,515 untraded and 17 others suspended.

Turnover stood at 269.73 million units worth RM117.18 million.

Malacca Securities Sdn Bhd said it expected buying momentum to persist on the local front following a streak of buying interest from foreign funds.

"Meanwhile, the relaxation in standard operating procedures and the movement of the Klang Valley, Melaka and five other states into the next phase of the National Recovery Plan would continue to drive the recovery theme stocks," it said in a note on Monday.

Commodity-wise, both the crude palm oil price and crude oil prices rose, with the latter trading above the US$85 per barrel mark.

"Whilst the local bourse may mirror the overnight gains in Wall Street, investors may continue piling into counters that would benefit from economic reopening, such as aviation, consumer, property and construction.

"Besides, the oil and gas counters may maintain its momentum amid high crude oil price," it added.

Of the heavyweights, Maybank bagged seven sen to RM8.35 and Petronas Chemicals increased five sen to RM8.80, while Public Bank, IHH Healthcare and Press Metal gained two sen each to RM4.22, RM6.74, and RM6.21, respectively.

Among the actives, Tanco rose half-a-sen to 25.5 sen, MAG added one sen to 21.5 sen, and KNM Group was flat at 22.5 sen.

On the index board, the FBM Emas Index went up 49.47 points to 11,818.34, the FBMT 100 Index improved 47.16 points to 11,453.90, the FBM Emas Shariah Index rose 47.46 points to 12,924.47, the FBM 70 ticked up 47.85 points to 15,492.41, and the FBM ACE firmed 38.47 points to 7,224.78.

Sector-wise, the Financial Services Index added 72.13 points to 15,777.59, the Industrial Products and Services Index inched up 1.13 points to 214.07, and the Plantation Index climbed 17.21 points to 7,057.25.