September 2, 2021

Bursa Malaysia ‘Rebound’, This Sector Receives Hot Attention From Investors!

 Bursa Malaysia traded higher today as buying interest rebounded on selected heavyweights as investors continued to take advantage of lower prices.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 5.58 points to 1,600.49 from 1,586.89 at the close yesterday.

According to Bernama, the key index opened 1.42 higher at 1,588.31.

On the broader market, gainers outnumbered losers by 269 out of 219, while 304 counters were unchanged, 1,426 untraded and six others suspended.

Turnover stood at 501.35 million units worth RM245.16 million.

Malacca Securities expects local stocks to continue to gain profits as the Finance Ministry's pre-estimate statement is expected to boost investor confidence.

In addition, petroleum exporting countries and allies (OPEC+) are expected to hold on to the gradual increase in output despite having revised the outlook for higher 2022 demand.

These factors are also expected to increase oil prices in the long run.

It seems that recovery sectors such as building materials, banking and consumers continue to receive warm attention from investors after yesterday's retracement.

Solar -related stocks were seen receiving higher trading interest following solar photovoltaic (PV) contracts awarded to several companies.

Of the heavyweights, Maybank and Public Bank fell 1.0 sen each to RM8.29 and RM4.07 respectively and Petronas Chemicals rose 2.0 sen to RM8.31.

Meanwhile, TNB rose 10 sen to RM10.44 and IHH Healthcare jumped 9.0 sen to RM6.42.

For active stocks, Ho Wah Genting rose 7.0 sen to 37 sen, TFP Solution rose 1.0 sen 23 sen but TA Win and Sapura Energy declined half-a-sen to 16.5 sen and 12.5 sen respectively.

On the index board, the FBMT 100 Index rose 32.44 points to 11,297.48, the FBM 70 added 15.23 points to 15,023.68 and the FBM ACE rose 2.46 points to 7,218.48.

The FBM Emas Index rose 28.76 points to 11,590.10 and the FBM Emas Shariah Index jumped 52.43 points to 12,751.52.

By sector, the Industrial Products and Services Index rose 0.01 points to 199.58, the Financial Services Index declined 6.28 points to 15,390.26 and the Plantation Index rose 18.30 points to 6,775.89.