Bursa Malaysia bounced back this morning after declining yesterday attracting stock buying activity at low prices.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index rose 9.91 points to 1.62249 with an almost overall gain.
According to Bernama, the index opened 5.64 points high at 1,617.68 from 1,612.04 yesterday.
In the overall market, gainers outnumbered losers by 377 to 173, while 299 counters were unchanged, 1,250 untraded and 11 others suspended.
Turnover stood at 538.49 million units worth RM295.59 million.
Malacca Securities expects the local bourse to stabilize soon as there is low price buying activity in the market.
"Low-priced stocks are expected to continue rising yesterday as index increases are supported by rising trading volumes throughout the day," he said in a note today.
The firm is also confident investors are expected to join the healthcare sector, which has seen definite revenue in the COVID-19 case situation increase.
Apart from that, he said the transport and logistics counters would also get attention following the movement restriction measures which started today until Jan 26 to curb the spread of Covid-19.
Panic sales in the local market declined after Prime Minister Tan Sri Muhyiddin Yassin assured that business activity would remain normal despite being declared a nationwide emergency yesterday.
Meanwhile, indicators from Wall Street remained unchanged after the US stock market closed higher.
The Dow rose 0.2% following a volatile trading session following investors' attention to the prospects for economic recovery and vaccine implementation.
In addition, declining supply has pushed crude oil prices higher with Brent crude oil now exceeding US $ 56 a barrel again.
Banking counters led among heavyweights with Maybank and Public Bank, rising again from yesterday's sales, adding six sen each to RM8.06 and 62 sen to RM20.70, respectively.
TNB rose 12 sen to RM10.24 and PetChem was flat at RM7.20.
Top Glove rose two sen to RM6.70, however Hartalega declined four sen to RM13.10.
Of the active stocks, Sealink added 2.5 sen to 18.5 sen, XOX was flat at 11.5 sen and Sapura Energy rose half-a-sen to 12.5 sen.
On the index board, the FBM Emas Index rose 69.55 points to 11,621.61, the FBMT 100 Index rose 69.02 points to 11,369.26 and the FBM Emas Shariah Index added 37.48 points to 13,197.31.
FBM 70 rose 71.91 points to 14,581.50 while FBM ACE rose 58.73 points to 10,562.22.
By sector, the Financial Services Index rose 174.65 points to 14,721.16, the Industrial Products and Services Index added 0.26 points to 173.22 and the Plantation Index rose 2.60 points to 7.465044.
