(Updated)

Bursa extends winning streak into seventh day

Bursa extends winning streak into seventh day
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KUALA LUMPUR (Oct 13): Bursa Malaysia was higher in early trade on Wednesday, extending its gains for the seventh consecutive day, supported by further resumption of economic activities.

At 9.19am, the FBM KLCI had added 3.21 points to 1,587.12, compared with 1,583.91 at Tuesday’s close.

The bellwether index opened 1.04 points lower at 1,582.87.

Market breadth was positive as gainers outnumbered decliners 257 to 222, while 346 counters were unchanged, 1,454 untraded and 18 others suspended.

Turnover stood at 507.9 million units worth RM250.27 million.

Malacca Securities Sdn Bhd said despite the negative overnight performance on Wall Street, the local bourse may remain bullish over the near term and move closer to the 1,600 psychological level.

The Dow contracted 0.3% after the International Monetary Fund (IMF) slashed its US economic growth projection to 6% for 2021 from an earlier projection of 7%.

"Back home, while the energy and plantation sectors staged a mild pullback, they should remain in the limelight over the midterm amid the elevated commodity environment.

"Besides, recovery-themed sectors such as banking and construction as well as property may continue their uptrend," it said in a note.

Heavyweights Malayan Banking Bhd (Maybank) rose nine sen to RM8.32, Public Bank Bhd was two sen higher at RM4.18, MISC Bhd gained eight sen to RM6.98, MR DIY Group (M) Bhd increased five sen to RM3.71 and IHH Healthcare Bhd advanced three sen to RM6.73.

Meanwhile, Maxis Bhd, Telekom Malaysia Bhd (TM) and Digi.com Bhd were in the red after Tuesday's rally, losing three sen, six sen and two sen to RM4.65, RM5.90 and RM4.33 respectively. 

Hartalega Holdings Bhd slipped six sen to RM5.91 and Top Glove Corp Bhd was two sen lower at RM2.81.

As for the active counters, Sarawak Consolidated Industries Bhd inched up one sen to 51.5 sen, Serba Dinamik Holdings Bhd lost half a sen to 41 sen and NWP Holdings Bhd expanded 1.5 sen to 30.5 sen.

On the index board, the FBM Emas Index was higher by 12.49 points at 11,665.14 and the FBMT 100 Index edged up 15.65 points to 11,308.76.

The FBM Emas Shariah Index slid 9.20 points to 12,739.11, the FBM 70 was 7.26 points easier at 15,240.25 and the FBM ACE declined 1.70 points to 7,188.48.

Sector-wise, the Financial Services Index bagged 83.81 points to 15,626.61, the Industrial Products and Services Index shed 0.03 of a point to 210.98, and the Plantation Index reduced 8.16 points to 6,995.95.