Bursa Malaysia Continues To Maintain Momentum

thecekodok

 Bursa Malaysia continued its upward momentum during the opening of trading today, thus maintaining the gains experienced yesterday.


The situation was driven by buying interest recorded by selected heavyweights such as industrial products, services and healthcare.


At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.78 points to 1,589.74 from Tuesday's close of 1,587.96.


Bernama reported that the index opened 1.55 points better at 1,589.51.


Market breadth was positive with gainers outpacing losers by 215 to 150, while 291 counters were unchanged, 1,492 counters untraded and 21 others suspended.


Turnover was 280.64 million shares worth RM114.77 million.


Malacca Securities Sdn Bhd said the rise in the FBM KLCI was driven by a reduction in the spread of Covid-19 infection, coupled with the strong performance recorded by the Employees Provident Fund (EPF) as its gross investment income increased 58.6% year-on-year to RM19.29 billion in the first quarter. this year.


"We think the next increase is to be expected, based on progressive measures in vaccination efforts, while investors are monitoring the unemployment rate data which shows a consecutive increase since last January.


"Meanwhile, the price of crude oil increased to US $ 72.38 per barrel, but the price of crude palm oil decreased," he explained in a research note today.



For heavyweights, Maybank was flat at RM8.20, Public Bank declined one sen to RM4.26, PetChem rose 11 sen to RM8.17 and TNB rose two sen to RM9.97.


Among healthcare counters, Top Glove rose seven sen to RM4.85, IHH rose two sen to RM5.39, Hartalega added four sen to RM8.50 and Supermax added three sen to RM3.85.


Meanwhile, trading in the securities of KL Kepong, IJM Corp and IJM Plantations was postponed at 2.30pm yesterday pending the announcement following the offer made by KL Kepong to take over IJM Plantations.


Shareholders of IJM Plantations will be given a choice of either a cash offer or a share exchange.


IJM Plantations' share price has risen since May 21 after hitting a low of RM1.55 on October 5, 2020, and last traded at RM2.46 before being suspended, bringing its market capitalization to RM2.12 billion.


Among active stocks, AHB rose three sen to 18.5 sen, Serba Dinamik rose 1.5 sen to 63.5 sen, and Tanco was flat at 15 sen.


The top gainers were Dutch Lady which rose 44 sen to RM34.48, MPI added 40 sen to RM38.40, and See Hup added 21 sen to RM1.69.


On the index board, the FBM Gold Index added 16.18 points to 11,598.45; The FBMT 100 index rose 12.90 points to 11,284.45 while the FBM ACE declined 11.41 points to 7,700.99.


The FBM Emas Syariah Index rose 24.91 points to 12,754.62 and the FBM 70 rose 18.32 points to 15,040.04.


By sector, the Financial Services Index fell 0.86 points to 15,361.56, the Industrial Goods and Services Index increased 0.22 points to 193.89 and the Plantation Index added 7.80 points to 6,824.83.

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