The Stock Market Shows a Surprise Bounce at the Beginning of the Week

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 Bursa Malaysia started early morning trading with a rebound after experiencing 2 previous losing sessions as bargain-hunting activity emerged against most of the heavyweights.


At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 3.15 points at 1,499.18 from Monday's close of 1,496.03.


The index opened up 2.49 points at 1,498.52.


In the broader market, gainers at 110 outpaced losers at 92, while 201 counters were unchanged, 1,870 untraded and 8 suspended.


Total revenue at 152.39 million units worth RM36.45 million.



According to Rakuten Trade vice president Thong Pak Leng, the KLCI is expected to hover in the 1,490-1,500 range with investors choosing plantation stocks based on the weakness of the ringgit which is a catalyst for crude palm oil prices.


Heavyweight stocks saw Malayan Banking Bhd (Maybank) gain 2 sen to RM8.90, Petronas Chemicals Group Bhd add 1 sen to RM8.74 and Tenaga Nasional Bhd (TNB) rise 3 sen to RM8.38 while IHH Healthcare Bhd remained at RM6 .41 and CIMB Group Holdings Bhd also remained at RM5.28.


Active stocks saw G3 Global Bhd up 1.5 sen at 5.5 sen, BIG Industries Bhd up 5 sen at 81 sen, Olympia Industries Bhd up 1 sen at 8 sen and Top Glove added 1 sen at 99.5 sen while Ho Wah Genting Bhd shed 0.5 sen at 14.5 sen and Hextar Global Bhd fell 1 sen to 35 sen.


On the index board, the FBM Emas index rose 18.95 points at 10,642.53, the FBMT 100 index advanced 17.77 points at 10,389.60, the FBM Emas Shariah index gained 4.14 points at 10,771.23 and the FBM 70 jumped 5.36 points at 12,757.19 while the FBM ACE shrank 3 points at 4,852.66.


In terms of sectors, the Financial Services index added 50.9 points to 16,703.68 and the Energy index rose 1.78 points to 654.31 while the Products and Services index decreased 0.05 points to 182.58 and the Plantation index weakened 13.72 points to 7,107.41.

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