Bursa Malaysia continued its upward momentum to open higher this morning.
The performance was boosted by the strong overnight movement of US equities with brisk trading on the Nasdaq successfully offsetting previously recorded losses as US bond yields began to decline.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose 5.94 points to 1,630.72 from 1,624.78 at the close of afternoon trading yesterday.
Bernama reported that the key index opened 4.25 points higher at 1,629.03.
On the broader market, losers outpaced gainers by 420 to 145 while 314 counters were unchanged, 1,316 untraded and eight others suspended.
Turnover was 436.02 million units worth RM282.23 million.
According to Malacca Securities Sdn Bhd, the economic recovery situation which began to show results following the decline in the Covid-19 case, triggered a continued upward movement of the FBM KLCI with the key index being above the psychological level of 1,600.
"Taking cues from the strong rise in tech heavyweights on Wall Street, we expect buying activity as cheap stock prices emerge for local tech stocks," he said.
Research firms also said the price of crude palm oil continued to strengthen approaching RM4,000 per tonne.
“As the Nasdaq has bounced back, market participants may take their stakes in the technology sector and at the same time, continue to buy at relatively backward counters especially in recovery-themed sectors such as aviation, consumer, construction and real estate.
"Besides, we expect some buying interest at plantation counters, especially as crude palm oil prices continue to strengthen," he added.
Among heavyweights, Maybank and CIMB added one sen each to RM8.51 and RM4.66, Public Bank rose three sen to RM4.45, Tenaga declined two sen to RM10.68 while Petronas Chemicals was flat at RM8. 13.
Among the most active counters, KTG and Dagang Nexchange warrants rose one sen each at 24 sen and 35.5 sen, Dagang Nexchange added 1.5 sen to 74.5 sen, Saudee Group rose six sen to 60 sen and Dynaciate was flat at 15 sen.
On the index board, the FBM Emas Index strengthened 61.87 points to 11,896.84, the FBMT 100 Index rose 58.12 points to 11,599.48 and the FBM Emas Syariah Index was 79.97 points higher at 13,102.69.
FBM ACE jumped 114.36 points to 10,304.08 and FBM 70 strengthened 139.78 points to 15,761.09.
By sector, the Financial Services Index rose 18.67 points to 15,761.09, the Plantation Index expanded 4.32 points to 7,172.0 and the Industrial Products and Services Index rose 0.68 points to 187.90.
