January 13, 2022

The Exchange Made A Surprise, Started To Open Lower But Bounced Again

 At 9.26am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.76 points at 1,563.96 from Wednesday's close of 1,563.2.

The index opened 1.24 points at 1,561.96.

It opened slightly lower but bounced back later on the back of new buying interest in selected heavyweights.

On the broader market, investors saw gainers outnumber losers by 242 to 206, while 288 counters were unchanged, 1,531 untraded and 40 suspended.

Total turnover at 435.01 million units worth RM156.17 million.

A note issued by Malacca Securities Sdn Bhd stated that due to continued buying from foreign funds on the local bourse, market sentiment is expected to remain strong and the FBM KLCI will need to revise the 1,600 level in the near term.

He added that energy counters will be the focus as oil prices continue to soar but banking, metals and consumer -related stocks instead with economic recovery activities and easing concerns over the Omicron variant.

Heavyweights saw Malayan Banking Bhd remain at RM8.41, Public Bank Bhd and CIMB Group Holdings Bhd fell 2 sen to RM4.23 and RM5.54, IHH Healthcare Bhd declined 1 sen to RM6.64 while Petronas Chemicals Group Bhd rose 6 sen sen at RM9.06.

Active stocks saw Kanger International Bhd, Key Alliance Group Bhd and MQ Technology Bhd remain at 2.5 sen, 1.5 sen and 8.5 sen while AHB Holdings Bhd added 1.5 sen at 29.5 sen.

On the index board, the FBM Emas index rose 2.78 points at 11,304.84, FBM Emas Shariah added 20.36 points at 12,097.7, FBM 70 reached 2.8 points at 14,228.05, the FBMT 100 index gained 4.62 points at 10,99.02 and FBM ACE declined 0.07 points at 6,582.57.

The Products and Services Industry Index added 0.87 points at 206.19, the Financial Services index declined 33.05 points at 16,061.86 while the Plantation index drove 39.62 points at 6,779.54.