What's the Story of Bursa Malaysia Ahead of Wesak Day Holiday? - Kakiforex.com - Financial Market Media No. 1 in the World What's the Story of Bursa Malaysia Ahead of Wesak Day Holiday? What's the Story of Bursa Malaysia Ahead of Wesak Day Holiday?

May 25, 2021

What's the Story of Bursa Malaysia Ahead of Wesak Day Holiday?

 Bursa Malaysia opened lower, but then rose in line with gains seen in regional markets following investor sentiment driven by Wall Street's overnight gains.

At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index was 2.03 points or 0.13 per cent, strengthening at 1,573.85 from 1,571.82 on

closing Monday.

According to Bernama, the index opened 2.82 points lower at 1,569.0.

On the broader market, gainers outnumbered losers by 253 to 189, while 234 counters were unchanged, 1,526 untraded and 32 others suspended.

Turnover stood at 430.08 million units worth RM168.16 million.

At the regional level, the Singapore Straits Times Index rose 0.3% to 3,135.48; Japan’s Nikkei rose 0.6% to 28,539.54 and Hong Kong’s Hang Seng Index was 0.17% higher at 28,461.50.

Despite the increase during the opening, Malacca Securities Sdn Bhd warned that profit -taking activities may take place ahead of the Wesak Day holiday tomorrow.

"We expect more modest trading volume today with support levels detected at 1,555-1,565, while resistance at 1,600, followed by 1,620," he said in a note.

Meanwhile, Rakuten Trade Sdn Bhd said, ‘nothing has really changed’ after the key index rebounded yesterday following some buying activity during low prices.

"We are confident the index is heading towards a narrow range at 1,565-1,575 today," he said in a separate note.

Among heavyweights, Public Bank and IHH rose three sen each to RM4.19 and RM5.20, Petronas Chemicals added six sen to RM7.98, Tenaga rose one sen to RM9.95, while Maybank was flat at RM8. .34.

For active stocks, Progressive Impact added four sen to 18 sen, Privasia Technology added one sen to 27 sen, while Tanco declined half-a-sen to 14.5 sen and Ucrest and Sanichi declined 1.5 sen to 42 sen and eight sen, respectively.

MPI's top gainer jumped 54 sen to RM37.70 while Nestle's top loser fell 30 sen to RM135.50.

On the index board, the FBM Emas Index rose 19.36 points to 11,472.41 and the FBMT 100 Index added 17.31 points to 11,159.71.

The FBM Emas Syariah Index gained 22.78 points to 12,764.52, the FBM 70 rose 34.29 points to 14,827.38, while the FBM ACE declined 1.86 points to 7,832.75.

By sector, the Financial Services Index strengthened 22.61 points to 14,898.82, the Plantation Index rose 5.37 points to 6,936.90 and the Industrial Products and Services Index rose 0.74 points to 191.63.