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July 12, 2021

Low Priced Stocks Continue To Be Hunted By Investors

 Bursa Malaysia continued to open higher in early trading today following continued buying activity in lower -priced stocks starting July 9.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index rose 2.32 points to 1,522.9 as it closed at 1,520.58 on Friday.

According to Bernama, the index opened 1.65 points higher at 1,522.23.

On the broader market, gainers outnumbered losers by 197 to 149, while 263 counters were unchanged, 1,608 untraded and 10 others suspended.

Turnover decreased to 240.37 million units worth RM111.88 million.

Malacca Securities says that investors tend to remain cautious with the lack of indicators and concerns about ongoing political developments as well as high covid-19 infections as well as likely to overshadow the increase in vaccination rates.

According to brokers, the market may be watching (production) of Malaysian industrial production and sales data which will be released today. In terms of commodities, crude palm oil (CPO) prices and oil prices have increased.

In addition, Malacca Securities also said that energy and plantation counters may rise slightly in line with commodity prices.

The technology sector is likely to be the focus as positive performance on Wall Street continues to be gained.

For active stocks, Maybank declined two sen to RM8.11, Public Bank rose one sen to RM4.04 and TNB declined three sen to RM9.66, while Petronas Chemicals, IHH Healtcare and CIMB were flat at RM8 each. .06, RM5.61 and RM4.49.

In addition, Serba Dinamik rose 1.5 sen to 47 sen, YBS International added 7.5 sen to 43 sen and Asdion declined 3.5 sen to 32 sen and Managepay Systems added one sen to 26 sen.

On the index board, the FBM Emas Index rose 22.18 points to 11,092.29, the FBMT 100 Index was 21.84 points higher to 10,803.76 and the FBM Emas Syariah Index jumped 21.63 points to 12,132.41.

FBM ACE ‘rocketed’ 50.58 points to 7,225.62 and FBM 70 rose 50 points to 14.374.93.

By sector, the Financial Services Index rose 28.42 points to 14,984.05, the Industrial Products and Services Index rose 0.22 points to 187.74 and the Plantation Index jumped 17.97 points to 6,308.4.