Bursa Malaysia posted an increase after opening lower in trading today to continue yesterday's gains, despite the overnight performance on Wall Street flat.
The U.S. stock market recorded a modest recovery after the U.S. Federal Reserve showed no change in its current bond -buying program.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.02 points to 1,602.61 from 1,600.59 when it closed yesterday.
According to Bernama, the key index opened 0.78 points lower at 1.599.81.
On the broader market, gainers outnumbered losers by 240 to 207 while 373 counters were unchanged, 1,336 counters unchanged and 25 others suspended.
Turnover stood at 520.28 million shares worth RM249.59 million.
According to Malacca Securities Sdn Bhd, the FBM KLCI ended two consecutive days of decline and buying interest has prompted the key index to close above the psychological 1,600 level.
“We are confident that foreign buying support yesterday will continue to increase FBM KLCI shares in the near future. Given the higher crude oil prices following the global economic recovery, coupled with the ongoing Covid-19 vaccination program, this should give optimism to the market.
"The key index may experience a movement in a positive trend in the near term with the resistance set at 1,615 to 1,635, while the support level is at 1,565 to 1,575," he explained.
The brokerage firm also added that the price of crude palm oil rose above RM3,800.
The firm added that based on commodity prices such as crude palm oil, crude oil and related metals such as iron, copper and aluminum also soaring, market participants may focus on commodity -related counters today.
Malacca Securities explained that traders who focus on this sector will still be looking for recovery -themed sectors such as consumers, aviation, tourism, construction and real estate following the vaccination program being held locally.
Among heavyweights, Public Bank rose three sen to RM4.25, Petronas Chemicals gained four sen to RM7.99, while Maybank declined eight sen to RM8.40, Tenaga declined two sen to RM10.24, and IHH Healthcare was unchanged. at RM5 .31.
For active counters, Luster Industries and its warrants added one sen each to 24.5 sen and 14.5 sen, DGB Asia and Pasukhas Group rose half-a-sen to 6.5 sen and three sen, respectively, while Permaju was flat at 22 sen.
On the index board, the FBM Emas Index rose 11.19 points to 11,857.18, the FBMT 100 rose 10.38 points to 11,507.14, the FBM Emas Shariah added 27.44 points to 13,150.42, and the FBM Ace rose 23.06 points to 9,660.60. FBM 70 declined 1.37 points to 15,847.13.
By sector, the Industrial Goods and Services Index added 0.24 points to 195.12, the Financial Services Index declined 15.5 points to 15,363.71 while the Plantation Index fell 17.48 points to 7,060.43.
