Shares on Bursa Malaysia opened higher this morning, supported by rising Brent crude oil prices as well as good news on support of the US stimulus plan which may give positive sentiment to the local market.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose 6.53 points to 1,579.86 from 1,573.33 when it closed earlier.
According to Bernama, the key index opened 1.34 points higher at 1,574.67.
Positive price movements with gainers outnumbered losers by 306 to 158 while 285 counters were unchanged, 1,398 untraded and 12 others suspended.
total trading volume was 414.82 million units worth RM195.45 million.
According to Malacca Securities Sdn Bhd, Brent oil prices have jumped above the US $ 60 level and this could give a positive tone to the local market although the exchange will see cautious trading sentiment ahead of the Chinese New Year celebrations.
"Investors may also continue to reduce their exposure in the stock market," he said in a research note today.
The firm also noted that as the National Covid-19 Immunization Plan approaches and daily cases remain below 4,000 for the fourth day, investors may be confident of a recovery in moving forward.
Brent international crude oil gained 0.53% and traded at US $ 60.88 a barrel.
To focus on the trading sector this morning, the brokerage firm argues, energy stocks are expected to be investors' choice supported by the strengthening of crude oil prices while recovery-themed stocks such as flights and games could continue to rise amid vaccine development.
"For the upcoming corporate income announcement season, investors may also place themselves in the consumer electronics, plantation, furniture and technology sectors," he said.
Among heavyweights, Maybank and Tenaga rose three sen to RM7.86 and RM9.70 respectively, PBBank and PChem added one sen each to RM4.09 and RM7.50, respectively, while Topglove was flat at RM6.27. .
The healthiest shares, DNex rose 3.5 sen to 40.5 sen and warrants added half-a-sen to seven sen, Luster fell half-a-sen to 21.5 sen, Opcom rose 10 sen to 65.5 sen and XOX rose one sen to 8.5 sen.
Among the gainers, MPI gained 40 sen to RM36.54, PetDag rose 26 sen to RM19.60, CGB and Telekom rose 23 sen to RM1.48 and RM6.73 respectively.
On the index board, the FBM Emas Index rose 45.17 points to 11,524.56, the FBMT 100 Index added 43.69 points to 11,243.21 and the FBM Emas Syariah Index rose 55.12 points to 13,068.55.
FBM 70 was 47.90 points higher at 15,097.24 and FBM ACE was up 8.54 points at 10,780.24.
By sector, the Financial Services Index rose 43.19 points to 14,608.60, the Industrial Products and Services Index increased 0.94 points to 179.0, and the Plantation Index rose 12.01 points to 7,134.74.
