BURSA Malaysia continues its positive streak for the second day as almost all index inched higher, driven by buying activities, especially in small capital stocks.
At 9.05am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) added 5.42 points to 1,375.58 from 1,370.16.
Market breadth was optimistic with gainers surpassing losers 243 to 85, while 198 counters were unchanged, 1,387 untraded and 30 others suspended.
Turnover stood at 382.14 million shares worth RM114.30 million.
Malacca Securities Sdn Bhd in its equity note today said the lower liners and broader market shares were traded on a more upbeat manner as the positive sentiment continues to encourage rotational plays amongst the lower liners.
“We see this trend continuing as investors continue their quest on bargain hunt beaten-down shares,” it said.
However, for the key index, the FBM KLCI will continue to remain in consolidation band as gains were capped by persistent foreign fund outflow.
“The lack of fresh leads suggests that the sideways momentum on the FBM KLCI may linger for longer. At the same time, renewed weakness in the crude oil prices may also cap the gains on the local bourse,” it said.
The note added that amid the lack of fresh leads, the key index is expected to continue lingering between the 1,360 and 1,410 levels over the near term.
As at 9am, benchmark Brent crude had slipped to below US$20 per barrel at US$19.73 while WTI crude was at US$11.95 per barrel.
On heavyweight counters, Tenaga Nasional was up four sen to RM12.10, Public Bank rose 14 sen to RM15.90, Petronas Dagangan shot up 64 sen to RM20.38, Sime Darby Plantation added five sen to RM4.85.
As for actives, MQ Technologies and Bioalpha rose half a sen to three sen and 14 sen respectively while for the top loser, MISC declined 30 sen to RM7.67 followed by Carlsberg as it shed 30 sen to RM27.78.
On the index board, the FBM Emas Index was 35.11 points stronger at 9,594.88, the FBMT 100 Index increased 34.46 points to 9,469.58, the FBM Emas Shariah Index advanced 47.42 points to 10,643.85, the FBM ACE appreciated 46.25 points to 4,634.38 while the FBM 70 earned 29.98 points to 11,466.89.
Sector-wise, the Financial Services Index expanded 23.97 points to 12,292.20, the Industrial Products and Services Index was flat at 115.34 and the Plantation Index rose 22.39 points to 6,192.96. – April 28, 2020, Bernama
