Malaysian bourses recovered from overnight losses to open high this morning in line with most overseas markets, spurred by renewed interest among investors for cheap share prices.
At 9.15 am, the FTSE Bursa Malaysia KLCI level marker index (FBM KLCI) shot 0.72 eyes at 1,584.40 after opening 1.31 eyes higher at 1,584.99.
Bernama reported that profit shares overcame losses with 392 reciprocating 202 while 341 counters remained unchanged, 1,236 were not traded and 28 others were hanged.
The amount of merchandise is 951.23 million worth RM396.16 million.
In the meantime, Malacca Securities Sdn Bhd's recent streak which necessitated a resignation saw KLCI's FBM shrink with increases since the start of this month leading to a shift in sentiment with investors deserving of 'locking in' earlier gains.
"Meanwhile, the uncertainty whether or not the 2021 Belanjawan will be passed or not has contributed to exploding sentiment in the local market," he said in an investigation note here today.
Moving forward, the investigation firm also suggests this erratic move will continue with some buying activity taking place while low-cost counters will increase, driven by a market driven by liquid and selective buying.
"We continue to side with the agricultural sector along with the increase in crude palm oil prices, which have yet to show any reversal at the moment. The coaching sector is also getting better with the scarcity of giving several packages for mega infrastructure projects, "he said.
In high-net worth shares, Maybank was down 5.0 cents to RM8.05, Public Bank was down 14 cents at RM18.24, TNB was down 2.0 cents at RM111.22, while Top Glove was up 8.0 cents to RM7.02, and Petronas Chemicals was unchanged at RM6.77.
The smartest counterparts, Key Alliance, VSolar, Metronic Global and Trive Property were unchanged at 6.0 cents, 4.5 cents, 10.5 cents and 1.5 cents, respectively.
On the index board, the FBM Gold Index increased 28.51 points at 11.405.49, the Shariah FBM Gold Index expanded 75.09 points to 13,154.98, the FBMT 100 Index rose 24.03 points to 11,185.23, the FBM 70 jumped 105.68 points at 14,671.02, and the FBM ACE increased 31.25 points at 11,171.93.
In terms of sectors, the Industrial Products and Services Index gained 0.32 points to 158.71, the Agriculture Index increased 6.95 eyes to 7,355.94 but the Financial Services Index fell 66.84 points to 13,940.29.
