KUALA LUMPUR (June 2): Bursa Malaysia finished the morning session on a positive note in line with Asian shares following encouraging factory activities in countries such as China, coupled with the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC partners to gradually ease production cuts amid expected higher crude oil demand.
At 12.30pm, the benchmark FBM KLCI was 8.58 points or 0.54% higher at 1,594.48 from 1,585.90 at yesterday’s close.
The index opened 0.43 point lower at 1,585.47 before climbing to as high as 1,596.08 during the morning session.
Market breadth was positive with gainers outpacing losers 637 to 344, while 392 counters were unchanged, 761 untraded, and 11 others suspended.
Total volume stood at 4.2 billion units worth RM2.16 billion.
Rakuten Trade Sdn Bhd said yesterday’s uptrend is expected to continue today based on the belief that foreign funds are trickling into Asia.
“We notice foreign funds were net buyers yesterday, and we expect the index to trend within the 1,585-1,595 range today,” it said in a note today.
Meanwhile, a dealer said that encouraging factory data in China is seen to support Malaysia’s external demand and cushion any weakness from the domestic demand side.
“We foresee this current momentum will be sustained for the week provided that daily vaccination doses are well sustained above 90,000 doses per day,” he told Bernama.
Chinese factory activity slowed slightly in May versus the preceding month on weaker export demand and higher commodity prices. Nevertheless, the country’s non-manufacturing sector was bolstered by stronger construction and holiday spending.
Almost all of the 30 index-linked heavyweights were trading higher at midday. Soon to announce their partnership, Axiata Group Bhd and RHB Bank Bhd saw their shares increase by nine sen to RM3.81 and by 14 sen to RM5.44 respectively.
CIMB Group Holdings Bhd added seven sen to RM4.52 and Digi.Com Bhd was six sen higher at RM4.29.
Top gainers were Frasers & Neave Holdings Bhd (F&N), which expanded eight sen to RM27, Hong Leong Industries Bhd, which climbed 43 sen to RM10.32, and Dutch Lady Milk Industries Bhd, which rose 40 sen to RM34.50.
Of the actives, Serba Dinamik Holdings Bhd gained three sen to 86.5 sen and Vortex Consolidated Bhd added one sen to 11 sen.
On the index board, the FBM Emas Index grew 81.66 points to 11,597.57 and the FBMT 100 Index swelled 73.96 points to 11,292.08.
The FBM Emas Shariah Index rose 76.35 points to 12,829.03, the FBM 70 picked up 149.36 points to 14,949.33 and the FBM ACE inched up 1.96 points to 7,719.11.
Sector-wise, the Financial Services Index increased 120.74 points to 15,205.64, the Industrial Products and Services Index edged up 1.65 points to 192.90, and the Plantation Index was 10.51 points better at 6,842.44.
