KUALA LUMPUR: Bursa Malaysia opened lower but gained momentum thereafter on continued bargain hunting activities.
At 9.24 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.43 points to 1,552.91 from yesterday’s close of 1,551.48, after opening 0.46 of-a-point lower at 1,551.02 this morning.
Market breadth was positive as gainers outpaced losers 197 to 142, with 223 counters unchanged, 1,407 untraded and 24 others suspended.
Turnover amounted to 363.15 million shares worth RM221.54 mil.
In a note, Malacca Securities Sdn Bhd said shares on the local bourse were traded higher yesterday in tandem with the rebounding regional market trend coupled with bargain hunting activities, following persistent selling due to abating concern over the Covid-19 virus outbreak.
“For now, the recovery may be in place for the FBM KLCI to trend towards the 1,570 resistance level. On the downside, there is support at the 1,535 level, followed by the 1,515 level.
“The lower liners and broader market shares are making some headway amid the positive sentiment. The previous session’s heavy selling on the stocks seems to have abated and this could allow some measure of support for further upside over the near term,” it added.
Among heavyweights on Bursa Malaysia, Maybank was flat at RM8.54, Tenaga rose eight sen to RM12.72, while Public Bank and Petronas Chemicals decreased eight sen each to RM18.22 and RM6.58, respectively.
Of the actives, MYEG lost two sen at RM1.31, Semuremetric rose half-a-sen to 19 sen and Dolphin International was flat at 15.5 sen.
On the index board, the FBM Emas Index increased 9.21 points to 11,047.50, the FBM Emas Shariah Index rose 16.75 points to 11,769.69 and the FBMT 100 Index gained 8.35 points to 10,846.69.
The FBM 70 was 4.05 points higher at 13,794.48 and the FBM Ace increased 42.90 points to 5,587.81.
Sector-wise, the Industrial Products and Services Index inched down 0.41 of-a-point to 146.30, the Financial Services Index was 9.05 points higher at 14,922.08 and the Plantation Index declined 5.58 points to 7,315.83. – Feb 12, 2020, Bernama.