Bursa Malaysia traded higher this morning, boosted by the emergence of buying activity among investors looking to get the best stocks at bargain prices after the local market experienced a massive sell-off yesterday.
Along with the uptrend of other regional bourses, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose 5.41 points to 1,561.12 at 9.07am from 1,555.71 at the close of trading on Thursday afternoon.
Bernama reported that the key index opened 0.45 points higher at 1,556.16.
On the broader market, gainers outnumbered losers 215 to 143 while 264 counters were unchanged, 1,607 untraded and 37 others suspended.
Turnover was 268.39 million units worth RM102.47 million.
Yesterday, the government announced the approval of licenses and incentives for Risen Energy Co Ltd to manufacture solar cells and solar modules in Malaysia worth RM42.2 billion.
According to Malacca Securities in its research note, the move will make the country an integrated production hub for solar products.
"We expect the expansion of solar modules in Malaysia and the growing demand for green energy will give a 'ray' to solar -related counters.
"In addition, investors may focus on oil and gas stocks as crude oil prices are currently above US $ 75 per barrel," he said.
Among heavyweights, Maybank rose one sen to RM8.21, Public Bank and Tenaga rose three sen each to RM4.21 and RM9.90 respectively while CIMB was five sen higher at RM4.75.
PetChem fell six sen to RM7.94 while IHH was unchanged at RM5.61.
For active stocks, MMAG rose half-a-sen to 17 sen, KNM and Tanco were flat at 16.5 sen and 15 sen respectively, Serba Dinamik fell two sen to 51.5 sen and HB Global was one sen lower at 38 sen.
On the index board, the FBM Emas Index rose 32.66 points to 11,358.3, the FBMT 100 Index added 32.46 points to 11,065.24, the FBM ACE rose 2.65 points to 7,356.97, the FBM Emas Syariah Index added 25.95 points to 12,393.57, and the FBM 70 expanded 20.27 points to 14,685.26.
By sector, the Financial Services Index rose 48.56 points to 15,340.07, while the Industrial Products and Services Index was unchanged at 187.14, and the Plantation Index fell 0.75 points to 6,516.32.
