Bursa Malaysia rose in early trading today, driven by buying momentum as the market entered its final week of 2020.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) benchmark gained 2.34 points to 1,643.51 after opening up 1.06 points to 1,642.23 from 1,641.17 last Thursday.
In the broader market, gainers outnumbered losers by 314 to 161 while another 302 was unchanged, 1,351 untraded and 17 others suspended.
Bernama reported volume of 550.91 million units worth RM143.49 million.
Meanwhile, Malacca Securities Sdn Bhd said in a research note that although the market is likely to still focus on improving account activity, the uptrend is projected to be constrained by concerns over the spread of the new Covid-19 variant that affects efforts such as economic reopening.
In the meantime, market participants are also looking at trading opportunities involving the construction and building materials sector following existing and new infrastructure projects that will continue until 2021 in addition to the factor of rising commodity prices.
"In addition, crude palm oil prices have hit record highs over the years indicating that corporate earnings will be stronger," Malacca Securities said.
Heavyweights saw Genting Bhd rise seven sen to RM4.53, CIMB added four sen to RM4.23, Maybank and TNB rose eight sen to RM8.52 and RM10.78 respectively, Public Bank added 14 sen to RM20.70. and Petronas Chemicals were unchanged at RM7.50.
Manufacturers of gloves such as Top Glove and Hartalega were reduced by eight sen to RM6.41 and RM12.50 respectively.
For active stocks, AT Systematization rose three sen to 21.5 sen, Iris Corp gained one sen to 41.5 sen, KTG and Pegasus were flat at 30 sen and three sen respectively while Fintec Global declined half-a-sen to 8.5 sen and Marine & General declined. 2.5 sen to 19 sen.
On the index board, the FBM Gold Index rose 26.46 points to 11,837.38, the FBMT 100 Index gained 23.96 points to 11,593.89, the FBM Gold Shariah Index increased 7.75 points to 13,290.93, the FBM 70 jumped 60.55 points to 15,173.09 while the FBM ACE rose 40.71 points to 10,698.01.
The Industrial Products and Services Index rose 0.20 points to 176.09, the Financial Services Index added 62.23 points to 15,322.60 while the Plantation Index gained 19.72 points to 7,437.0.
