KUALA LUMPUR (May 24): Bursa Malaysia rebounded from last week’s losses to open firmer today as investors heaved a sigh of relief after learning that most businesses and factories are allowed to operate under the tightened movement control order (MCO 3.0).
At 9.06am, the benchmark FBM KLCI was 3.34 points, or 0.21% firmer, at 1,565.51 from 1,562.17 at last Friday’s close.
The index opened 1.61 points better at 1,563.78.
On the broader market, gainers outpaced losers 353 to 120, while 251 counters were unchanged, 1,478 untraded and 19 others suspended.
Total volume stood at 328.47 million worth RM148.83 million.
Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob on Saturday announced additional restrictions to tighten the standard operating procedures (SOPs) of the MCO 3.0 through two strategies, namely a work-from-home (WFH) directive and limiting business operating hours effective tomorrow for the entire Peninsular Malaysia and Labuan.
He said this is aimed at reducing the movement of people and thus, preventing a more serious spread of Covid-19.
With a tighter set of SOPs being implemented in wider areas of the country, Malacca Securities Sdn Bhd expects weaker trading sentiment for the holiday-shortened week (market will be closed for Wesak Day on Wednesday).
“Meanwhile, the selldown in technology stocks may continue following overnight declines in Nasdaq, and investors may focus on high earnings certainty stocks amid the reporting season,” it said in a note.
Meanwhile, Rakuten Trade Sdn Bhd said the KLCI had lost around 30 points since early May, and no no buying catalysts are in sight.
“Nonetheless, we expect the index to stage a minor rebound and hover between the 1,560-1,570 levels,” it said in a separate note.
Among the heavyweights, Malayan Banking Bhd (Maybank) added five sen to RM8.29, Public Bank Bhd bagged one sen to RM4.16 and Tenaga Nasional Bhd (TNB) was two sen firmer at RM9.92, while Petronas Chemicals Group Bhd (PetChem) and IHH Healthcare Bhd were unchanged at RM7.90 and RM5.20 respectively.
Of the actives, Grand-Flo Bhd gained 3.5 sen to 64 sen, Privasia Technology Bhd inched up one sen to 18.5 sen, LKL International Bhd was 1.5 sen better at 41.5 sen and Focus Dynamics Group Bhd edged up half a sen to seven sen, while Hiap Teck Venture Bhd was flat at 50.5 sen.
Top gainer Pharmaniaga Bhd leapt 37 sen to RM4.40, while top loser Widetech (Malaysia) Bhd was 30 sen lower at RM2.70.
On the index board, the FBM Emas Index increased 40.79 points to 11,376.82, and the FBMT 100 Index improved 34.53 points to 11,076.75.
The FBM Emas Shariah Index climbed 53.3 points to 12,661.33, the FBM ACE accumulated 68.9 points to 7,693.77 and the FBM 70 elevated 87.92 points to 14,624.58.
Sector-wise, the Plantation Index went up 53.15 points to 6,952.67, the Industrial Products and Services Index ticked up 1.32 points to 188.62, and the Financial Services Index firmed by 38.71 points to 14,806.71.
