Current News Perspectives Surprise Bursa Malaysia

 Trading on Bursa Malaysia opened lower today but rebounded on the back of hunting activities for low value stocks driven by financial services counters.

But as of 10.40am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 4.17 points to 1,551.39 from 1,555.51 at the close of the market on Tuesday.

Looking at the report released by Bernama, the key index opened 0.65 points lower at 1,554.86.

On the broader market, gainers outnumbered losers by 165 to 158, while 277 counters were unchanged, 1,668 untraded and six others suspended.

Turnover stood at 169.04 million units worth RM84.62 million.

Malacca Securities said concerns about the expected interest rate waiver for loan moratorium payments and the expectation of volatile tax imposition had taken the market by surprise.

Following the rise in palm oil and crude oil prices, it is likely to support plantation, oil and gas counters to continue to receive warm attention from investors.

In addition, recovery sectors such as aviation and consumer -related counters are also expected to be a concern following the reopening of the economy under the National Recovery Plan.

Of the heavyweights, Maybank, Public Bank and RHB Bank rose one sen each to RM8.30, RM4.01 and RM5.36 respectively while TNB declined two sen to RM10.16.

For active stocks, Emico Holdings jumped 4.5 sen to 48.5 sen, Bintai Kinden Corp added 1.5 sen to 54.5 sen and Techna-X rose half-a-sen to 9.5 sen.

On the index board, FBM 100 jumped 17.85 points to 11,105.65, FBM 70 rose 31.69 points to 14.991.11 and FBM ACE rose 0.18 points to 7,139.47.

FBM Emas added 16.71 points to 11,411.51 and FBM Emas Shariah added 8.01 points to 12,499.05.

By sector, the Financial Services index rose 51.05 points to 15,250.87, the Industrial Products and Services index rose 0.02 points to 197.96 and the Plantation index fell 24.7 points to 6,477.69.

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