KUALA LUMPUR, 15 JULY: The major index of Bursa Malaysia has opened modestly higher today, despite concerns over the country’s economic recovery, since daily new Covid-19 cases have been in the five digits for two days in a row. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.21 points higher at 1,513.53 at 9:05 a.m., compared to a close of 1,512.32 on Wednesday.
The market’s leading indicator opened 0.25 of a point higher at 1,512.57.
Gainers outnumbered losers 172 to 135 on the broader market, with 238 counters unchanged, 1,683 untraded, and 18 others suspended.
The number of units sold grew to 283.08 million, valued RM105.51 million.
The worrying rise in daily Covid-19 cases, according to Malacca Securities Sdn Bhd, has overshadowed the country’s excitement about improved immunization rates.
“We believe the local stock exchange will continue to consolidate until Malaysia is able to enter Phase Two of the National Recovery Plan.”
Meanwhile, the market may be keeping an eye on a slew of Chinese economic data due out today,” the brokerage firm wrote in a note today.
In terms of commodities, it stated the price of crude palm oil (CPO) surged to RM4,000 per tonne in line with soybean futures, while the price of crude oil fell.
The brokerage company also anticipates the technology index to see further buying interest in the short future, while the firmer CPO price will help several plantation counters.
It also expects a short-term revival in the healthcare sector as a result of the country’s continuing Covid-19 cases.
“On the technical front, we expect the major index to trade inside resistance at 1,525-1,548, with support at 1,500,” it continued.
Malayan Banking Bhd and Tenaga Nasional Bhd both gained two sen to RM8.07 and RM9.64, respectively, while Public Bank Bhd, Petronas Chemicals Group Bhd, and CIMB Group Holdings Bhd remained unchanged at RM4.07, RM8.03, and RM4.53.
IHH Healthcare Bhd, on the other hand, rose four sen to RM5.68.
Yenher Holdings Bhd increased one sen to 96 sen, Sapura Energy Bhd and Lambo Group Bhd were both flat at 12 sen and one sen, respectively, and Serba Dinamik Holdings Bhd added 1.5 sen to 42.5 sen among the most active counters.
The FBM Emas Index was 11.68 points higher at 11,040.18, the FBMT 100 Index was 11.78 points higher at 10,756.38, and the FBM Emas Shariah Index was 4.88 points higher at 12,080.95.
The FBM ACE increased by 1.26 points to 7,106.41, while the FBM 70 increased by 28.08 points to 14,386.66.
The Financial Services Index rose 27.94 points to 14,912.04, while the Industrial Products and Services Index remained unchanged at 186.83, and the Plantation Index fell 20.67 points to 6,196.66./n
