KUALA LUMPUR: Bursa Malaysia rebounded to open higher today (Feb 04) on fresh bargain hunting activities after recent oversold condition amid fears about the 2019 Novel Coronavirus (2019-nCoV) outbreak.
At 9.12am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.39% or 6.04 points to 1,527.99 from Monday’s close of 1,521.95 .
The benhmcark index opened 6.37 points firmer at 1,528.32. On the broader market, gainers outpaced losers 253 to 88, with 177 counters unchanged, 1,443 untraded and 21 others suspended.
Turnover amounted to 225.40 million shares worth RM114.27 mil.
In a note, Malacca Securities Sdn Bhd said although mild bargain hunting activities have emerged, the recovery is expected to be mild for now in the absence of fresh leads, whilst the 2019-nCoV outbreak remained unresolved.
“Under the prevailing environment, we think that the selling could abate over the near term and the losses could be cushioned by fresh bouts of bargain hunting activities.
“On the downside, the 1,515 level is likely to provide a firmer support, followed by the 1,500 level. The resistances, meanwhile, are at 1,535 and 1,550 respectively,” it said.
Among heavyweights, Petronas Chemicals gained eight sen to RM6.24, HLFG added 20 sen to RM16.36, Petronas Dagangan rose 26 sen to RM22.36, Hartalega improve six sen to RM5.86 and IHH recovered five sen to RM5.70.
Of the actives, AirAsia Group fell six sen to RM1.22, Euro Holdings increased 1.5 sen to 20.5 sen and Binasat was 2.5 sen higher to 41 sen.
Top gainers, F&N ticked up 46 sen to RM32.90, Kesm perked 26 sen to RM9.51 and followed by Petronas Dagangan.
On the index board, the FBM Emas Index increased 43.96 points to 10,852.48, the FBM Emas Shariah Index rose 48.53 points to 11,511.38 and the FBMT 100 Index bagged 40.80 points to 10,664.90.
The FBM 70 was 46.02 points weaker at 13,531.33, and the FBM Ace recovered 81.94 points to 5,415.30.
Sector-wise, the Industrial Products and Services Index inched up 0.77 points to 143.01, the Financial Services Index was 55.43 points better at 14,712.91 and the Plantation Index added 17.84 points to 7,094.66. – Feb 04, 2020, Bernama.
