Bursa Malaysia opened higher this morning with the uncertainty about the political scene died down after the Special Discussion Rulers held yesterday.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose 1.62 points to 1,496.26 from 1,494.64 when it closed on Friday afternoon.
Bernama reported that the key index opened 0.92 points higher at 1,495.56.
On the scoreboard, gainers outnumbered losers by 310 to 137 while 299 counters were unchanged, 1,424 untraded and 43 others suspended.
Turnover was 456.36 million units worth RM274.94 million.
Malacca Securities in its research note said the rebound will be seen among small and medium capital stocks after the volatile local political scenario subsided following the order of Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah yesterday.
The Yang di-Pertuan Agong in a statement issued by Istana Negara yesterday afternoon stated that there is no need at this time to declare a state of emergency in this country or any part of Malaysia.
Al-Sultan Abdullah said the decision was made after application tuning Prime Minister Tan Sri Muhyiddin Yassin and discussions with rulers and see the situation being faced by the country.
Malacca Securities, however, said the increase in the number of Covid-19 cases in the country as well as the possibility of a Conditional Movement Control Order (PKPB) to be extended in Selangor, the Federal Territory of Kuala Lumpur and Putrajaya and Sabah is expected to limit procurement on the local bourse at this time.
Meanwhile, an analyst said the FBM KLCI situation may be calm as investors are still waiting for three important agendas that will take place next week.
"In the local market, the 2021 Budget will definitely be the main driver of the market, followed by the overnight policy rate decision by Bank Negara.
"External factors, the US Presidential Election which will be held on November 3 will be a guide for foreign investors to get the next market direction," he said.
From a technical point of view, the FBM KLCI will trade at 1,485 support levels and 1,510 resistance levels.
Among heavyweights, Maybank rose two sen to RM7.10, Top Glove rose one sen to RM8.71, Hartalega added 28 sen to RM17.60 and Tenaga Nasional strengthened three sen to RM10.02
The newly listed MR.D.I.Y rose one sen to RM1.61 after five minutes of trading and was the most active stock when it opened, followed by Advanced Synegy which added 2.5 sen to 19 sen.
The most profitable stocks, technology counters and healthcare counters performed best by dominating the top counters.
On the index board, the FBM Emas Index rose 23.13 points to 10,850.36, the FBMT 100 Index rose 16.76 points to 10,648.39 and the FBM Emas Shariah Index added 34.38 points to 12,988.49.
FBM 70 strengthened 42.72 points to 14,301.06 and FBM ACE jumped 60.37 points to 10,667.14.
The Financial Services Index rose 3.26 points to 12,362.42, the Industrial Products and Services Index rose 0.04 points to 144.40 and the Plantation Index 4.49 points higher at 6,859.49.
