September 3, 2021

What is the Bursa Malaysia Trading Story Ahead of the Weekend Holidays?

 Bursa Malaysia's trading opened higher today after experiencing a decline yesterday driven by continued buying interest in selected heavyweights.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index added 3.29 points to 1,585.48 from 1,582.19 at the close on Thursday.

Bernama reported that the key index opened 2.98 points higher at 1,585.17.

But as of 10.01am, the FBM KLCI index had declined 1.13 points to 1,581.06.

On the broader market, gainers outnumbered losers by 259 out of 154, while 292 counters were unchanged, 1,483 untraded and 17 others suspended.

Turnover stood at 408.95 million units worth RM169.91 million.

Malacca Securities said the decline in the FBM KLCI yesterday was likely driven by profit -taking activity after the index continued to record gains last week.

It is also optimistic that the recovery sector will continue to gain deck focus as the infection rate (R-naught) has dropped below 1.0 as well as Melaka and Negeri Sembilan have shifted to Phases 2 and 3.

Oil and gas counters are expected to come under scrutiny following the rise in crude oil prices to $ 72 a barrel and the rise in crude palm oil (CPO) prices above RM4,200.

In addition, the tourism sector is seen to receive attention following the National Security Council (MKN) has agreed to reopen the tourism sector in several destinations.

Of the heavyweights, Maybank rose 3.0 sen to RM8.30, Public Bank rose 1.0 sen to RM4.08 and IHH Healthcare jumped 2.0 sen to RM6.38.

Petronas Chemicals and TNB were unchanged at RM8.29 and RM10.38, respectively.

For active stocks, Puncak Niaga gained 5.0 sen to 47 sen, Avillion rose half-a-sen to 13 sen, while KNM Group and Sapura Energy rose 1.0 sen to 28.5 sen and 13 sen, respectively.

On the index board, the FBMT 100 Index gained 22 points at 11,259.98, the FBM 70 rose 23.92 points to 15,030.0 and the FBM ACE fell 6.79 points to 7,210.80.

The FBM Emas Index rose 23.98 points to 11,557.40 and the FBM Emas Shariah Index jumped 31.50 points to 12,688.86.

By sector, the Financial Services Index rose 18.29 points to 15.418.16, the Industrial Products and Services Index rose 0.36 points to 198.89 and the Plantation Index rose 18.96 points to 6.707.51.