At 11.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 9.75 points to 1,266.33 from yesterday’s close of 1,256.58, after opening 2.15 points easier at 1,254.43.
On the broader market, losers beat gainers 398 to 292, with 253 counters unchanged, 1,073 not traded and 16 others suspended.
Turnover amounted to 1.10 billion shares worth RM732.92 mil.
In a note, Maybank IB Research said overnight gains on Wall Street has lifted market sentiment, which sparked bargain hunting in the domestic market.
“Technically, we expect the FBM KLCI to range between 1,230 and 1,320 today. Downside supports are at 1,240 and 1,130,” it added.
Wall Street rebounded last night, helped by the White House backing of a US$850 bil federal stimulus plan and a Federal Reserve move to backstop the commercial paper market by providing short-term funding to businesses hit by the Covid-19 pandemic.
The Dow Jones Industrial Average closed 5.2% higher at 21,237.31, while the S&P 500 index added 6% to close at 2,529.19 and the Nasdaq Composite Index closed up 6.2% at 7,334.78.
Meanwhile, another dealer said some traders on the local market were seen taking profits off the table, especially among the lower-liners, amid the ongoing volatility and uncertainties.
On the broader market, he said it was likely that market players would remain cautious and defensive until there was a clearer change in the market’s direction.
On heavyweights, Maybank increased four sen to RM7.40, Tenaga gained 16 sen to RM11.40, Public Bank fell eight sen to RM13.82 and IHH was 35 sen higher at RM5.03.
Among the actives were ACE Market debutant, electrical products and accessories distributor ACO Group Bhd, which fell eight sen to 20 sen with 39.66 million shares traded.
At the opening bell, it declined eight sen from its issue price of 28 sen with 6,000 shares traded.
Other actives, Borneo Oil was unchanged at 1.5 sen, Bumi Armada eased half-a-sen to 13.5 sen and MTouche gained half-a-sen to 13 sen.
On the index board, the FBM Emas Index appreciated 49.56 points to 8,676.35, the FBM Emas Shariah Index rose 101.45 points to 9,462.50 and the FBM 70 added 7.72 points to 9,952.14.
The FBMT 100 Index gained 54.24 points to 8,604.87 and the FBM Ace fell 31.08 points to 3,591.01.
Sector-wise, the Industrial Products and Services Index inched down 0.8 of-a-point to 101.34, the Financial Services Index gave up 12.07 points to 11,650.41 and the Plantation Index was 89.14 points better at 5,778.78. — March 18, 2020, Bernama