Bursa Malaysia opened higher in early trade today following potential low-priced stock buying activity for selected sectors in the broader market yesterday.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index gained 1.66 points to 1,521.22 from 1,519.56 at the close on Tuesday.
According to Bernama, the index opened 1.21 points higher at 1,520.77.
On the broader market, gainers and losers were on the same level at 161, while 295 counters were unchanged, 1,610 untraded and nine others suspended.
Turnover increased by 453.91 million units worth RM165.38 million.
Malacca Securities said that buying interest is likely to be limited amid concerns raised about the daily Covid-19 case which rose to an all-time high yesterday.
According to the report, the International Energy Agency (IEA) will issue a stricter warning on the oil market as the Organization of the Petroleum Exporting Countries and oil-producing allies (OPEC+) will ensure output levels remain unchanged even as global demand continues to rise.
Crude oil continued to trade above $ 75 a barrel and crude palm oil traded around RM4,000 a tonne.
According to the brokerage firm, investors will see more significant buying interest on oil and gas counters after oil prices continue to remain above $ 76.
"In addition, buying activity is likely to continue in the near future in the technology sectors where most traders are expected to be looking for glove stocks amid the surge in daily local cases of Covid-19."
On the technical outlook, the FBM KLCI is expected to continue to find support above the 1,500 level with the resistance level set at 1,525-1,548.
For active stocks, Maybank and TNB added one sen each to RM8.07 and RM9.67 respectively, Public Bank and CIMB also added two sen to RM4.10 and RM4.52 while Petronas Chemicals and IHH Healthcare remained at RM8. 10 and RM5.64.
For active stocks, Lambo Group was flat one sen, Pelikan International rose one sen to 49 sen and Pasukhas rose four sen to 37 sen.
On the index board, the FBM Emas Index jumped 7.46 points to 11,062.95, the FBMT 100 Index rose 7.92 points to 10,781.08 and the FBM Emas Index strengthened 0.87 points to 12,097.47.
FBM ACE continued to ‘rocket’ 42.25 points to 7,115.53 and FBM 70 seems to be down 4.63 points to 14,302.68.
By sector, the Financial Services Index rose 36.51 points to 14,972.66 and the Industrial Products and Services Index rose 0.04 points to 187.09 while the Plantation Index declined 14.06 points to 6,228.07.
