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July 1, 2021

Examine the Local Stock Market Situation Today

 Buying at low prices pushed Bursa Malaysia to open higher today after experiencing a significant decline yesterday.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.50 points or 0.33 per cent to 1,537.68 with interest in lower -priced stocks, telecommunications, healthcare, energy and finance visible.

Bernama reported that the key index opened 0.71 points higher at 1,533.34 from 1,532.63 when it closed on Wednesday.

For the market as a whole, losers outnumbered gainers by 175 to 155 while 208 counters were unchanged, 1,627 counters untraded and nine others suspended.

Turnover stood at 206.6 million units worth RM81.3 million.

According to Malacca Securities, it expects buying activity during low prices to occur in the local market as Parliament may reconvene next month, August.

"In terms of commodities, crude oil prices rose following reports showing that US inventories were low," he said in a research note.

The firm added, investors will monitor a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies today to scrutinize decisions related to the next phase of production policy.

The firm further explained that the market may also see small-scale buying interest in the healthcare sector in the wake of the COVID-19 pandemic which has not been fully controlled, after yesterday's massive sell-off.

In addition, trade interest is expected to be seen on oil and gas counters ahead of the meeting of OPEC and its allies.

On the local market, among heavyweights, CIMB rose five sen to RM4.66, Public Bank added two sen to RM4.13 while Maxis, Sime Darby Plantation and Genting Malaysia each added four sen to RM4.43, RM4. 02 and RM2 .81.

Only IOI Corp, Hap Seng, RHB Bank and Petronas Dagangan experienced declining performance.

For active stocks, Serba Dinamik fell half -a -sen to 32.5 sen, PUC rose half -a -sen to 17.5 sen and Sedania jumped seven sen to 79.5 sen.

On the index board, the FBM Emas Index rose 29.35 points to 11,185.57, the FBMT 100 Index rose 29.92 points to 10,905.01 and the FBM Emas Shariah Index added 26.61 points to 12,204.89.

FBM ACE jumped 75.02 points to 7,024.37 and FBM 70 increased 16.65 points to 14,495.64.

By sector, the Financial Services Index added 44.33 points to 15,142.64, the Industrial Products and Services Index rose 0.02 points to 186.32 and the Plantation Index fell 12.14 points to 6,389.34