Trading on Bursa Malaysia opened higher following support for lower stock buying activity in most indices following a weak performance yesterday.
At 9.08am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 6.05 points to 1,518.94 from 1,512.89 at the close on Monday.
Bernama reported that the market index traded up 0.94 points to 1,513.83.
In the market as a whole, gainers outnumbered losers by 171 to 141, while 259 counters were unchanged, 1,657 untraded and nine others suspended.
Turnover stood at 305.54 million units worth RM159.77 million.
In a note today, Malacca Securities said despite the negative sentiment in the market, it was influenced by local political developments and a possible reshuffle of the country’s economic growth projections as well as driven by rising vaccination rates nationwide.
"The increase in vaccination rates and a slight decrease in the daily volume of covid-19, allows the market to see interest in buying recovery-themed stocks such as consumer, real estate and banking essentials."
"In addition, technology stocks should remain well -run following Nasdaq's positive performance and we believe that plastic packaging manufacturers will continue to grow," he said.
On the technical outlook of the market, it says the resistance is set at 1,525-1,548 and the support level is valued around 1,500 for the FBM KLCI.
Domestically, heavyweights Maybank rose three sen to RM8.09, Public Bank rose four sen to RM4.12, Petronas Chemicals rose seven sen to RM8.11.
TNB and IHH Healthcare, added two sen each to RM9.70 and RM5.66.
Of the actives, Ramssol gained 19.5 sen to 64.5 sen, Straits Inter Logistics rose one sen to 24 sen while Pasukhas emerged as the top gainer when it rose 21 sen to 50 sen.
On the index board, the FBM Emas Index rose 33.63 points to 11,037.33, the FBMT 100 Index jumped 35.44 points to 10,757.08 and the FBM Emas Shariah Index strengthened 34.75 points to 12,044.25.
FBM ACE rose 30.64 points to 7,053.23 and FBM 70 rose 17.97 points to 14,240.18.
By sector, the Financial Services Index rose 46.7 points to 14,981.25, the Industrial Products and Services Index rose 0.72 points to 186.52 and the Plantation Index rose 2.21 points to 6,244.23.
