Bursa Malaysia started trading in the last month of 2020 with more positive sentiment as investors continued to hunt down affected counters following significant trading activity yesterday.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) key indicator index rose 1.6 per cent or 24.77 points to 1,587.48 from 1,562.71 when trading closed on Monday.
According to Bernama, the index also opened up 17.46 points to 1,580.17.
In the broader market, gainers outnumbered losers by 328 to 172 while 321 other counters were unchanged, 1,287 untraded and 16 others suspended.
Turnover stood at 525.46 million units worth RM247.57 million.
Meanwhile, Malacca Securities said the FBM KLCI closed lower yesterday as the market received tempias following investors' actions to balance their portfolios at the end of the month with low-priced stock counters becoming the focus and in high demand.
The FBM KLCI recorded 95.82 points in terms of profit (6.5% month-on-month) in November 2020.
"Although the new uncertainty is becoming more pronounced, we instead consider the activity of finding low-priced stocks to be more significant following the sharp decline yesterday.
"Besides, we also think that these low-priced stocks are more likely to experience further increases, driven by developments involving turn-by-turn purchases," he said in a research note today.
The brokerage firm believes the new interest in the healthcare sector is becoming increasingly evident following the bright prospects involving glove manufacturers at the FBM KLCI while the real estate sector is expected to record further recovery following various measures introduced under the 2021 Budget to boost home ownership efforts.
CGS-CIMB expects the latest resistance level at 1,600 followed by critical resistance of 1,618 - 1,625.
The US Dow Market (-0.9%) recorded its best month performance in more than three decades despite closing lower, following positive positive market sentiment driven by expectations involving the Covid-19 vaccine.
Meanwhile, investors are cautiously awaiting the results of production quotas from the Organization of Petroleum Exporting Countries (OPEC) and its allies.
At the local level, Tenaga Nasional gained 42 sen to RM10.50, Maybank rose 20 sen to RM8.10, Public Bank gained 44 sen to RM17.84 and Hong Leong Bank added 68 sen to RM17.86.
Petronas Gas, on the other hand, declined 58 sen to RM17.58 and PBB dropped 30 sen to RM18.30.
Active stocks saw AT Systematization add two sen to 22 sen, EA Holdings rose half a sen to 3.5 sen and Metronic added one sen to 12 sen.
On the index board, the FBM Emas Index rose 146.02 points to 11,480.89, the FBMT 100 Index jumped 140.81 points to 11,241.55 and the FBM Emas Shariah Index increased 133.26 points to 13,280.63.
FBM 70 rose 51.28 points to 14,880.20 and FBM ACE added 16.58 points to 10,718.19.
The Industrial Products and Services Index rose 2.08 points to 162.74, the Plantation Index rose 79.24 points to 7,295.97 and the Financial Services Index jumped 277.28 points to 14,081.49.
