Bursa Malaysia showed a rebound from yesterday's decline to open higher today, tracking Wall Street's overnight gains led by tech stocks after US President Joe Biden signed the US $ 1.9 trillion Covid-19 stimulus package.
At 9.05am, the FBM KLCI gained 1.06 points to 1,630.47 from 1,629.41 when it closed yesterday.
According to Bernama, the key index opened 1.18 points higher at 1,630.59.
In the broader market, gainers outnumbered losers by 426 to 153, while 330 counters were traded unchanged, with 1,295 untraded and 18 others suspended.
Turnover was 521.23 million units worth RM202.38 million.
Malacca Securities Sdn Bhd in a note said the local stock market is expected to see a slight rebound amid market investor confidence especially after technology stocks soared recently.
Add the research firm, underweight stocks are likely to move higher at this time.
In addition, the firm stated that the price of crude palm oil had increased above RM4,000 per tonne at RM4,060.
“To focus on the sector, we believe that recovery-themed sectors such as aviation, consumer, real estate and construction will continue to grow following the reopening of economic activities, coupled with the development of the ongoing Covid-19 vaccination program.
“Therefore, investors tend to evaluate their future income growth potential and attractive valuations. Apart from that, we think plantation counters have the potential to jump based on the strengthening price of crude palm oil, ”he said.
