KUALA LUMPUR (June 1): Bursa Malaysia opened slightly higher with market sentiment lifted by the PEMERKASA+ stimulus package unveiled yesterday to assist businesses and the people as the nation entered full lockdown today.
At 9.01am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.38 points, or 0.15 per cent, to 1,585.93 from 1,583.55 at Monday’s close.
The index opened 2.19 points higher at 1,585.74.
Market breadth was positive with gainers leading losers 200 to 102, while 226 counters were unchanged, 1,605 untraded and 9 others suspended.
Total volume stood at 246.80 million units worth RM96.78 million.
Malacca Securities Sdn Bhd said the market sentiment might be lifted by the PEMERKASA+ stimulus package that was unveiled yesterday ahead of the full movement control order (FMCO).
Prime Minister Tan Sri Muhyiddin Yassin, on Monday, announced a RM40 billion aid package, anchored on three main objectives, namely increasing public healthcare capacity, continuing people welfare agenda, and supporting business continuity.
“Investors may see buying interest in essential sectors that are able to operate during the lockdown. Commodity-wise, crude palm oil price fell below the RM4,000 level, while oil price climbed above US$69 per barrel,” the brokerage said in a note.
It said with the nationwide lockdown in place, traders may focus on sectors such as transportation and logistics, packaging, and essential consumer stocks.
“Besides, traders may see bargain-hunting in the energy sector amid higher oil price following heavy selldown yesterday. Also, the vaccine theme could be catching up as the government is looking to expedite the vaccination progress,” Malacca Securities said.
Meanwhile, Rakuten Trade Sdn Bhd reckons trading for regional markets to remain rather mixed today.
“On the home front, following a knee-jerk reaction yesterday due to the full lockdown (announcement), we believe there should be a rebound today. Thus, we expect the FBM KLCI to possibly trend within the 1,590-1,600 range today,” it said.
Among the heavyweights, Maybank fell four sen to RM8.14, Public Bank eased one sen to RM4.20, PetChem and IHH rose five sen higher each to RM8.10 and RM5.35, respectively.
Other top losers included BAT which shed 56 sen to RM15.20, Serba Dinamik dropped 33.5 sen to 79.5 sen and Hexza Corp was nine sen weaker at RM1.06.
Of the actives, Sunzen added four sen to 29 sen, Focus Dynamics inched up one sen to 55 sen, while Tanco was flat at 14.5 sen.
On the index board, the FBM Emas Index rose 16.35 points to 11,512.16 and the FBMT 100 Index gained 17.06 points to 11,215.65.
The FBM Emas Shariah Index added 18.10 points to 12,791.01, the FBM 70 improved 23.33 points to 14,786.23, and the FBM ACE advanced 52.67 points to 7,733.93.
Sector-wise, the Financial Services Index garnered 22.91 points to 15,032.71, the Plantation Index edged up 2.27 points to 6,884.67, and the Industrial Products and Services Index was 0.47 of-a-point better at 191.33.
