KUALA LUMPUR: Bursa Malaysia settled the early session on a positive note, thanks to the strong across-the-board buying particularly in the rubber glove and energy-linked stocks.
At the lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.64 points, or 0.95% to 1,448.76 from 1,435.12 at Wednesday’s close.
The key index opened 2.78 points firmer at 1,437.49 and hovered between 1,437.13 and 1,451.39 throughout the morning session.
Market breadth was positive with gainers leading losers 568 to 326, while 381 counters were unchanged, 623 untraded and 19 others suspended.
Turnover stood at 4.33 billion worth RM2.58 bil.
While expecting the key index stocks to trend higher, Malacca Securities Sdn Bhd noted that the technical indicators are now tipping into the overbought zone, which could limit further upsides.
At the same time, it said valuations are also looking toppish that could leave the buying to be more measured.
“For now, the 1,460 level will serve as the resistance. The downside is cushion at the 1,400 support level,” it said in a note today.
As for the lower liners and broader market shares, the brokerage firm said the equities had remained relatively resilient and continued to maintain the upside, despite some minor profit-taking activities.
“With the sentiment remaining in the upbeat manner, we think that the rotational play may continue over the foreseeable future,” it added.
Top Glove continued to lead gains among the 30 KLCI-linked counters, surging RM1.04 to RM11.84 while Hartalega elevated 32 sen to RM9.74.
Petronas Gas soared RM1.24 to RM16.42, Petronas Chemicals accumulated 17 sen to RM6.01 while IOI Corp bagged 11 sen to RM4.39.
Most active counters were dominated by oil and gas stocks.
Velesto and Bumi Armada ticked up half-a-sen each to 17.5 sen and 24.5 sen, KNM added 1.5 sen to 23 sen and Sapura Energy was unchanged at 10 sen.
Glovemaker, Careplus put on four sen to 99 sen.
On the index board, the FBM Emas Index jumped 115.76 points to 10,279.37, the FBMT 100 Index expanded 113.95 points to 10,119.86 and the FBM Emas Shariah Index was 175.88 points higher at 11,727.5.
The FBM ACE leapt 74.63 points to 5,535.64 and the FBM 70 soared 220.72 points to 12,858.92.
Sector-wise, the Healthcare Index jumped 112.54 points to 2,010.61 and the Energy Index increased 9.96 points to 831.46.
The Financial Services Index improved 70.45 points to 12,519.25, the Industrial Products and Services Index ticked up 1.72 points to 126.59 and the Plantation Index strengthened 124.78 points to 6,754.63. – May 21, 2020, Bernama
