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May 18, 2021

The Possibility of Full PKP In Selangor Disturbing Investors

 Bursa Malaysia rebounded to open higher today following buying activity during low prices

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index jumped 1.50 points to 1,584.96 from 1,583.46 at the close yesterday.

According to Bernama, the index opened 0.21 points lower at 1,583.25.

In the broader market, gainers outnumbered losers by 214 to 151, 296 counters were unchanged while 1,542 were untraded and five others were suspended.

Turnover stood at 265.64 million worth RM110.33 million.

Malacca Securities said while investors may make purchases at low prices following yesterday's drop in selling prices, market concerns over the possibility of a full Movement Control Order (PKP) in Selangor to curb the Covid-19 infection may affect the local bourse.

"In the meantime, we expect commodity prices such as iron ore, crude palm oil and oil prices to continue to rise in the near future," he said in a research note.

The brokerage firm expects traders to be involved with healthcare-related counters following the rise in Covid-19 cases in several countries.

"Meanwhile, energy stocks may be on traders' radar due to stronger Brent oil prices, rising above US $ 69 for now. In addition, we expect the overall market to be broader in a buying tone during low prices after the exchange market declined yesterday, ”he said.

Among heavyweights, IHH Healthcare rose four sen to RM5.36, Petronas Dagangan and TNB added two sen each to RM19.16 and RM9.93 respectively, while Top Glove rose five sen to RM5.34, Maybank rose three sen to RM8.33, and Public Bank fell two sen to RM4.24.

Of the actives, KTG and Key Asic rose one sen each to 21.5 sen and 17.5 sen respectively, Niche Capital gained two sen to 28.5 sen, UCrest added three sen to 40.5 sen, Poh Kong Holdings added 12 sen to RM1.16, while Tanco dropped half a sen to 14.5 sen.

On the index board, the FBM Emas Index recovered 14.30 points to 11,525.52 and the FBMT 100 Index added 9.73 points to 11,215.01.

However, the Shariah Gold Index rose 22.0 points to 12,819.98, the FBM ACE rose 69.59 points to 7,711.77, and the FBM 70 added 9.51 points to 14,809.66.

By sector, the Plantation Index fell 0.79 points to 6,945.96, the Industrial Products and Services Index added 0.43 points to 193.08, while the Financial Services Index rose 1.42 points to 14,981.22.