KLCI opens higher amid cautious sentiment on Asian markets

KLCI opens higher amid cautious sentiment on Asian markets
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KUALA LUMPUR (Jan 27): Bursa Malaysia opened higher today, supported by buying interest in selected consumer products and services counters, amid cautious sentiment on Asian markets, dealers said.

At 9.15am, the benchmark FBM KLCI had risen 16.10 points to 1,591.41 from 1,575.31 at yesterday’s close.

The index opened 9.75 points higher at 1,585.06.

On the broader market, gainers led losers 351 to 192, while 336 counters were unchanged, 1,274 untraded and 61 others suspended.

Total volume stood at 434.04 million units worth RM340.17 million.

In a note today, Malacca Securities said it expects to see some bargain-hunting activities emerging in the near term in high-certainty sectors ahead of the February reporting season.

In tandem with regional peers, the KLCI inched lower yesterday due to heavy selling of glove heavyweights and Petroliam Nasional Bhd (Petronas)-related counters.

“There are growing concerns over still-rising Covid-19 cases that may contribute to a potential extension of the movement control order (MCO).

“Hence, it may limit the upside potential of the key index over the near term until the vaccine roll-out,” it said.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained nine sen to RM7.91, Public Bank Bhd added 11 sen to RM4.51, Petronas Chemicals Group Bhd (PetChem) advanced four sen to RM6.79, Tenaga Nasional Bhd (TNB) increased 18 sen to RM9.88, while Top Glove Corp Bhd went up seven sen to RM6.27.

Of the actives, Mestron Holdings Bhd earned half a sen to 23 sen, Iris Corp Bhd added 1.5 sen to 38.5 sen, while Dagang NeXchange Bhd (DNeX) and Mega Sun City Holdings Bhd improved one sen each to 29 sen and 14.5 sen respectively.

On the index board, the FBM Emas Index surged 101.92 points to 11,500.81, the FBMT 100 Index jumped 102.58 points to 11,241.10, and the FBM Emas Shariah Index was 92.26 points higher at 12,924.91.

The FBM 70 increased 91.30 points to 14,768.70, while the FBM ACE decreased 25.71 points to 10,772.89.

Sector-wise, the Financial Services Index soared 153.44 points to 14,850.89, the Plantation Index perked 4.10 points to 7,188.45 and the Industrial Products and Services Index earned 1.22 points to 171.68.