Bursa Malaysia opened lower for a while this morning before rebounding, boosted by a positive reaction to the development of the vaccine for Covid-19.
At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose 0.30 points to 1,607.89 from 1,607.59 when it closed on Friday.
The key index opened lower at 0.82 points to 1,606.77.
Bernama reported that the overall market price movement saw gainers outpaced losses with 415 counterparts 198 while 343 counters were unchanged, 1,215 untraded and 80 others suspended.
Turnover was 661.20 million shares worth RM303.28 million.
Malacca Securities said with the progress and distribution of the Covid-19 vaccine approaching, vaccine-related stocks would continue to gain trading interest.
"We are of the view that the plantation sector can move higher based on stronger crude palm oil prices with the demand for it continuing to be encouraging," he said.
The firm added that low-priced stocks will also increase, supported by liquidity momentum as investors continue to strive for higher yields.
Overall, Malacca Securities said the market was poised to maintain positive sentiment as investors continued to hope for economic recovery.
Meanwhile, US stocks recorded gains with the Dow Jones rising on Friday as the country's political uncertainty eased and markets resumed enthusiasm for vaccine development despite relatively low trading volumes following the initial closing of the market in conjunction with "Black Friday".
Meanwhile, Hong Leong Bank, Petronas Gas and Tenaga Nasional rose 46 sen, 24 sen and eight sen respectively to RM17.48, RM16.96 and RM10.80 respectively.
On the other hand, CIMB, Petronas Dagangan and Hartalega declined 13 sen, 68 sen and 10 sen respectively to RM3.70, RM21.32 and RM14.38 respectively.
Among the most active stocks, Vsolar and Bintai Kinden added half a sen to five sen and 80 sen, respectively, while Bioalpha dropped one sen to 30.5 sen.
On the index board, the FBM Emas Index rose 13.11 points at 11,555.14, the FBMT 100 Index rose 10.27 points to 11,331.42, the FBM Emas Syariah Index gained 37.44 points to 13,306.35 and the FBM 70 was 45.35 points higher at 14,785.05.
Meanwhile, FBM ACE jumped 114.81 points to 10,704.30, the Industrial Products and Services Index rose 0.42 points to 162.90, the Plantation Index 104.22 points higher at 7.340.09, and the Financial Services Index declined 56.91 points to 14.206.19.
