Bursa Malaysia opened higher this morning, in line with regional market performance, driven by better market sentiment as concerns over high US inflation eased, according to dealers.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.91 points to 1,600.19 from 1,597.71 at the close yesterday.
According to Bernama, the index opened 1.53 points higher at 1,599.81.
The rise in the composite index was largely supported by gains in glove stocks and other selected heavyweights.
Supermax and Top Glove rose 6 sen each to RM4.66 and RM5.19 respectively while Hartalega jumped 3 sen to RM9.50.
Market breadth was positive with gainers outpacing losers by 212 to 180, while 309 counters were unchanged, 1,476 untraded and 25 others suspended.
Turnover stood at 265.65 million shares worth RM158.26 million.
According to Malacca Securities in its note, the contagion of Covid-19 in the country showing an upward trend, overall market sentiment may remain volatile.
However, the surge in crude oil prices amid optimism demand will return after travel restrictions, providing some relief especially to oil and gas players.
"We believe oil and gas counters will be under the radar of traders due to the increase in oil prices.
"Daily demand for food and packaging when the Movement Control Order (PKP) is extended, may attract buying interest in the consumer and packaging sectors," he said, adding that the healthcare sector was also a focus as Malaysia was on the verge of the fourth wave of Covid-19 following an increase in new cases. and active.
New Covid-19 cases in the country rose to 1,889 yesterday from 1,767 on Tuesday, bringing the cumulative number of Covid-19 cases in the country to 365,829 cases.
Among heavyweights, Maybank rose two sen to RM8.33, Petronas Chemicals and Tenaga rose four sen each to RM7.92 and RM10.20, respectively, while Public Bank and IHH Healthcare were flat at RM4.20 and RM5.40.
Among active stocks, AT Sytematization and Asia Poly rose half-a-sen each to 10 sen and 41 sen, respectively, Widad rose one sen to 54.5 sen, while Ucrest was flat at 30.5 sen.
On the index board, the FBM Emas Index was 15.76 points high to 11,850.6, the FBM Emas Shariah Index was up 22.76 points to 13,225.47, the FBMT 100 was up 11.99 points to 11,494.63, the FBM 70 was up 9.87 points to 15,848.38 and the FBM ACE was up 85.79 points to 9,419.29.
By sector, the Industrial Products and Industrial Services Index added 0.57 points to 195.49, the Plantation Index rose 1.2 points to 6,970.02 and the Financial Services Index added 2.96 points to 15,124.19.
