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April 14, 2021

Stock Investors Breathe in Relief

 Bursa Malaysia rebounded from a two-day decline this morning, following lower share buying activity in the local market.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.57 points to 1,598.28 from 1,597.71 at the close yesterday.

According to Bernama, the index opened 2.48 points at 1,600.19.

According to a dealer, the recent sell-off, which pushed the key index to move below the psychological 1,600 level yesterday, has attracted investors to gather holdings.

The dealer added that the latest external developments, namely stronger-than-expected US inflation data and the discontinued implementation of the Covid-19 vaccine by Johnson & Johnson, which sparked concerns about the delay in economic recovery, also weighed on sentiment around the world.

Yesterday, the U.S. Department of Labor announced the Consumer Price Index rose 0.6% in March, after rising 0.4% in the previous month.

This happened unexpectedly as the consensus projected to increase by 0.5%.

Domestically, the overall market sentiment was positive with gainers outpacing losers by 270 to 207, while 1,271 counters were unchanged, 431 untraded and 10 others suspended.

Turnover stood at 805.99 million shares worth RM290.21 million.

Of the heavyweights, Maybank and Top Glove, rose three sen each to RM8.35 and RM5.11, respectively, Petronas Chemicals rose six sen to RM7.94 and CIMB added two sen to RM4.25.

Public Bank and Tenaga, declined two sen each to RM4.21 and RM10.18 respectively while IHH Healthcare declined one sen to RM5.38.

Among active counters, Minda rose 1.5 sen to 19 sen, REX and Ucrest added one sen each to 24.5 sen and 28 sen, respectively, while TDM was flat at 27.5 sen.

On the index board, the FBM Emas Index rose 14.28 points to 11,830.05, FBM Emas Shariah rose 24.37 points to 13,192.39, FBMT 100 added 9.71 points to 11,477.59, FBM 70 added 35.16 points to 15,812.33 and FBM ACE rose 62.3 points to 9,511.17.

By sector, the Industrial Products and Services Index added 0.78 points to 194.54, the Plantation Index rose 22.26 points to 6,966.28, however the Financial Services Index declined 3.34 points to 15,154.24.