Bursa rebounds to open higher

Bursa rebounds to open higher
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KUALA LUMPUR (June 14): Bursa Malaysia rebounded from last week’s losses to trade higher during the early session today, supported by renewed buying interest in selected consumer product services as well as healthcare counters, a dealer said.

At 9.15am, the benchmark FBM KLCI had risen 6.89 points to 1,582.05 from last Friday’s close at 1,575.16.

The index opened 7.30 points better at 1,582.46.

Market breadth was positive with gainers leading losers 307 to 201, while 348 counters were unchanged, 1,298 untraded and 11 others suspended.

Turnover stood at 698.43 million units worth RM361.2 million.

Meanwhile, Malacca Securities Sdn Bhd said investors may focus on the upcoming US Federal Open Market Committee (FOMC) meeting as well as the daily number of vaccination doses administered in the country.

“The KLCI retreated for the third straight session [last Friday] amid mixed regional sentiment as the key index succumbed to extended profit-taking activities.

“We reckon that sentiment will remain tilted towards the downside following the extension of the full movement control order (FMCO) until June 28, 2021 as daily new Covid-19 cases stayed above the 5,000 level,” it said in a note today.

On commodities, Malacca Securities said crude palm oil (CPO) may see some buying interest following the recent pullback.

“Investors [also] may focus on the oil and gas (O&G) counters, with firmer oil prices of above US$72 (about RM296.24) per barrel. Besides, positive sentiment on the Nasdaq overnight may spill over to technology stocks on the local front. The building-materials sector may also come into the picture following rising material prices,” it added.

Of the heavyweights, Malayan Banking Bhd (Maybank) added one sen to RM8.19, Tenaga Nasional Bhd (TNB) went up three sen to RM9.97, Public Bank Bhd and IHH Healthcare Bhd were flat at RM4.21 and RM5.48 respectively, and Petronas Chemicals Group Bhd (PetChem) slipped six sen to RM8.02.

Among the actives, Priceworth International Bhd and Nexgram Holdings Bhd eased half a sen each to 1.5 sen and 3.5 sen respectively, Tanco Holdings Bhd was flat at 15 sen, while Eden Inc Bhd increased two sen to 19.5 sen.

On the index board, the FBM Emas Index increased 28.51 points to 11,531.70 and the FBMT 100 Index gained 25.58 points to 11,212.74, but the FBM ACE fell 29.47 points to 7,613.60.

The FBM Emas Shariah Index gained 51.32 points to 12,687.65 and the FBM 70 improved 27.23 points to 14,961.66.

Sector-wise, the Financial Services Index declined 11.39 points to 15,241.39, while the Industrial Products and Services Index inched up 0.03 of a point to 192.36, and the Plantation Index rose advanced 4.17 points to 6,703.66.