KUALA LUMPUR (June 15): Bursa Malaysia extended yesterday’s gains to open slightly higher today despite mild profit taking on selected consumer product and services counters, a dealer said.
At 9.15am, the benchmark FBM KLCI had risen 0.64 of a point to 1,583.10 from yesterday’s close at 1,582.46.
The index opened 3.64 points better at 1,586.10.
Market breadth was positive with gainers leading losers 231 to 209, while 353 counters were unchanged, 1,360 untraded and 11 others suspended.
Turnover stood at 698.09 million units worth RM330.72 million.
Malacca Securities Sdn Bhd said mirroring overnight gains on Wall Street and advances in regional markets, the KLCI had recouped its losses from previous sessions as the key index witnessed signs of bargain hunting after the recent selldown.
“There might be some portfolio rebalancing activities by index-linked funds towards the end of the week before the June semi-annual review of the FBM Index Series takes effect,” it said in a research note today.
Commodities-wise, the research firm said crude palm oil saw a pullback in prices, in line with weakness in soybean oil as well as concerns over higher production and stock levels, while oil benchmark Brent crude steadied at above US$70 (about RM287.94) per barrel.
“Investors may focus on technology stocks following overnight gains on the Nasdaq (which was nearing its all-time-high zone), while the current movement control order (MCO) may continue to bode well for sectors such as transportations and logistics, as well as packaging and selected consumer stocks.
“Also, the building material segment may continue to shine amid firm commodity prices,” it added.
Of the heavyweights, Malayan Banking Bhd (Maybank) added three sen to RM8.22, Public Bank Bhd perked one sen to RM4.24 and Petronas Chemicals Group Bhd (PetChem) went up five sen to RM8.15, while Tenaga Nasional Bhd (TNB) went down four sen to RM10.02 and IHH Healthcare Bhd was flat at RM5.50.
Among the actives, Serba Dinamik Holdings Bhd slipped three sen to 71.5 sen, Privasia Technology Bhd improved 2.5 sen to 23 sen and KNM Group Bhd earned half a sen to 21 sen, while Salutica Bhd gained five sen to 59.5 sen.
On the index board, the FBM Emas Index increased 3.79 points to 11,569 and the FBMT 100 Index gained 3.94 points to 11,247.87, while the FBM ACE fell 39.10 points to 7,628.47.
The FBM Emas Shariah Index fell 3.04 points to 12,710.40 and the FBM 70 improved 3.01 points to 15,032.41.
Sector-wise, the Financial Services Index added 19.15 points to 15,330.62, while the Industrial Products and Services Index inched up 0.55 of a point to 193.77, and the Plantation Index declined 17.64 points to 6,660.32.
