Bursa Malaysia stays higher at midday on strong buying interest

Bursa Malaysia stays higher at midday on strong buying interest
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KUALA LUMPUR (Nov 30): Bursa Malaysia stayed higher at midday on Tuesday as buying interest intensified in sectors led by industrial products and services counters, said an analyst.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 0.47% or 7.1 points to 1,517.67 from 1,510.57 on Monday. 

The benchmark index opened 2.01 points firmer at 1,512.58 and moved between 1,511.89 and 1,519.62 throughout the morning session.

On the broader market, gainers outpaced losers 636 to 317, while 345 counters were unchanged, 1,007 untraded, and 63 others suspended.

Turnover stood at 2.66 billion units worth RM1.97 billion. 

The Healthcare index meanwhile was down 4.26% or 108.28 points to 2,431.98 on profit-taking. IHH Healthcare Bhd fell two sen to RM6.58 and Top Glove Corp Bhd was down 37 sen to RM2.82.

An analyst said the buying sentiment was also in tandem with most Asian peers as traders weighed the new Omicron strain’s impact.

Meanwhile, on the local front, Malaysia’s exports in October, which grew faster by 25.5% year-on-year to a new record of RM114.4 billion in value, exceeding 24.7% in September and the market consensus of 25%, could also provide a fillip to market sentiment. 

AmBank Research in a note said it expects external demand to remain favourable in the remaining months of 2021.

The global recovery, added with further domestic reopening, have bolstered Malaysia’s exports.

“Nevertheless, we remain cautious over Covid-19 infections and ongoing constraints in the global supply chain which could affect the strength of growth in Malaysia’s trade sector,” said the research firm. 

On Bursa Malaysia, other heavyweights Malayan Banking Bhd added one sen to RM8.06, Public Bank Bhd was flat at RM3.96, Petronas Chemicals Group Bhd was up 42 sen to RM8.63, Tenaga Nasional Bhd recovered four sen to RM9.30, and CIMB Group Holdings Bhd rose five sen to RM5.16.

Of the actives, ATA IMS Bhd rose one sen to 53 sen, followed by Top Glove, while Dagang NeXchange Bhd eased half-a-sen to 79 sen.

On the index board, the FBM Emas Index gained 71.03 points to 11,125.9, the FBMT 100 Index rose 65.79 points to 10,806.03, and the FBM Emas Shariah Index improved 85.22 points to 12,146.14.

The FBM 70 increased 148.75 points to 14,531.07 while the FBM ACE put on 47.33 points to 6,56.24.   

Sector-wise, the Industrial Products and Services Index added 4.95 points to 197, the Plantation Index was up 97.13 points to 6,453.45 and the Financial Services Index advanced 84.74 points to 15,128.15.