This counter will be the focus following Brent's price increase - Kakiforex | Forex markets for the smart money. This counter will be the focus following Brent's price increase This counter will be the focus following Brent's price increase

February 23, 2021

This counter will be the focus following Brent's price increase

 Bursa Malaysia rose again as trading opened this morning as traders continued to hunt for stocks that were declining in trading yesterday.


At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) key indicator index gained 5.20 points or 0.33 per cent to 1,575.66 from 1,570.46 when trading closed yesterday.


According to Bernama, the benchmark index opened with an increase of 3.21 points to 1,573.67.


In the broader market, gainers outnumbered losers by 295 to 186 while 333 counters were unchanged, 1,383 untraded and nine others suspended.


Turnover stood at 622.56 million units worth RM248.78 million.


Meanwhile, brokerage firm Malacca Securities Sdn Bhd is confident that traders will continue to hunt for the affected stocks in today's trading session.


"There is a possibility of new buying interest due to intra-day short sales and short-term daily sales of traders for another six months to August 29, 2021," he said in a research note today.


The firm also expects the activity to buy low-priced shares to be significant in the technology sector after a sharp decline in trading yesterday.



In fact, according to Malacca Securities, traders are also likely to shift their focus to oil and gas stocks following the strengthening of Brent crude oil prices which jumped above US $ 65 a barrel.


"We project the key indicator index to continue to trade unchanged with support levels around 1,550 and resistance at 1,590-1,600," he said.


Heavyweights saw Petronas Chemicals rise 10 sen to RM7.65, CIMB, IHH and Maxis gained four sen to RM4.20, RM5.12 and RM4.70 respectively while Public Bank gained two sen to RM4.12.


For active stocks, Mobilia, which made its first appearance on the ACE Market, jumped 51.5 sen to 74.5 sen with 72.87 million shares traded.


The home furniture manufacturer was listed on the Bursa Malaysia ACE Market on Tuesday with its share price opening at 65 sen, an increase of 183 per cent compared to the initial public offering price of 23 sen.


Other active counters included Velesto, Dynaciate and Hubline which rose half a sen to 17.5 sen, 14.5 sen and 5.5 sen respectively while Alam Maritim Resouces was flat at 10 sen.


On the index board, the FBM Emas Index added 33.81 points to 11,581.40, the FBMT 100 Index gained 31.64 points to 11,262.37 and the FBM Emas Shariah Index rose 28.18 points to 13,010.39.


FBM 70 added 21.72 points to 15,312.34 and FBM ACE jumped 131.0 points to 11,441.12.


By sector, the Financial Services Index rose 42.73 points to 14,807.54, the Industrial Products and Services Index gained 0.85 points to 181.57 while the Plantation Index declined 13.89 points to 7,117.69.