Bursa Malaysia opens higher, tracking regional peers

 Publish date: Wed, 20 May 2020, 10:12 AM

KUALA LUMPUR: Bursa Malaysia opened higher today continuing five consecutive days of rallies, tracking the positive momentum of regional stock markets.
At 9.06 am, the benchmark FTSE Bursa Malaysia KCLI (FBM KLCI) rose 5.17 points, or 0.36 per cent, to 1,429.14 from 1,423.97 at Tuesday's close.
The key index opened 5.29 points firmer at 1,429.26.
Market breadth was positive with gainers edging losers 201 to 167, while 247 counters were unchanged, 1,276 untraded and 19 others suspended.
Turnover stood at 414.79 million worth RM172.42 million.
Regionally, Japan's Nikkei Index rose 0.53 per cent to 20,541.03, Hong Kong's Hang Seng Index was 0.31 per cent better at 24,462.90 and South Korea's KOSPI Composite Index inched up 0.04 per cent to 1,981.46.
Rakuten Trade Sdn Bhd believed the FBM KLCI would be stubbornly supported by the local institutions.
"But it may soften today to around the 1,410- 1,415 range as investors may want to take the opportunity to lock in some profits," it said in a note today.
Meanwhile, Malacca Securities Sdn Bhd said after rising for the past five straight days, it reckoned that the increasingly toppish condition of the key index might warrant a pullback over the near term.
"A pullback may view as a healthy move alongside with the renewed volatility across global equities to allow investors to digest recent gains, with the key index likely to be supported at the 1,400 psychological level.
"Upsides are capped at the 1,430 level over the near term," it said.
Of the heavyweights, Hartalega surged 21 sen to RM9.22, Maybank and IOI Corp accumulated six sen each to RM7.51 and RM10.60, Tenaga was eight sen firmer at RM12.24 and Public Bank bagged 10 sen to RM15.60.
The most active counters included Careplus which climbed six sen to 82.5 sen, Hubline fell half-a-sen to 5.5 sen while Eduspec, Sapura Energy and TDM were unchanged at 2.5 sen, 10 sen and 27 sen, respectively.
Top gainer Petronas Dagangan advanced 26 sen to RM20.50 while top loser Panasonic Manufacturing Malaysia retreated 14 sen to RM31.50.
On the index board, the FBM Emas Index leapt 30.28 points to 10,079.30, the FBMT 100 Index expanded 29.81 points to 9,946.93, the FBM Emas Shariah Index was 33.53 points higher at 11,442.21.
The FBM ACE increased 13.04 points to 5,376.44 and the FBM 70 rose 12.23 points to 12,493.23.
Sector-wise, the Financial Services Index improved 46.53 points to 12,461.45, the Industrial Products and Services Index eased 0.08 of-a-point to 123.73 and the Plantation Index strengthened 29.24 points to 6,563.24.
 - Bernama


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