Bursa Malaysia Recovers After Low Priced Stocks Continue To Be Hunted

 Bursa Malaysia trading opened higher today after making a sharp decline last week.

This factor was also driven by low stock value hunting activities that emerged following the recovery of market sentiment.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 2.54 points to 1,497.14 from 1,494.6 at the close on Friday.

According to Bernama, the key index opened 2.79 points higher at 1,497.39.

Looking at the broader market, gainers outnumbered losers by 217 out of 181, while 273 counters were unchanged, 1,501 untraded and 11 others suspended.

Turnover stood at 236.56 million units worth RM108.34 million.

Concerns over crackdowns in China are seen easing and re -supporting sentiment in the market to rise which in the past week has caused Asian equities to slump to a seven -month low.

For heavyweights, Maybank rose two sen to RM8.03, TNB was flat at RM9.64, while Public Bank and CIMB added one sen each to RM3.99 and RM4.46.

Apart from that, Petronas Chemicals declined three sen to RM8.01 and IHH Helathcare declined six sen to RM5.58.

For active stocks, M3 Technologies (Asia) fell 1.5 sen to five sen, Datasonic Group rose 2.5 sen to 48.5 sen and Resintech rose 15.5 sen to 75 sen, while MAG Holdings was flat at 19 sen.

On the index board, the FBM Emas Index ‘rocketed’ 32.13 points to 11,005.6, the FBMT 100 Index rose 28.8 points to 10,710.05 and the FBM 70 jumped 80.67 points to 14,598.96.

The FBM Emas Shariah Index rose 37 points to 12,086.08 and the FBM ACE declined 6.43 points to 7,134.16.

By sector, the Financial Services Index jumped 37.06 points to 14,718.52, the Industrial Products and Services Index fell 0.09 points to 187.11 and the Plantation Index fell 6.64 points to 6,032.4.

In addition, trading in shares of Pecca Group Bhd was suspended from 9am today pending an important announcement.

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