KUALA LUMPUR – Bursa Malaysia opened higher on Monday, tracking the overnight rally in the US market.
At 9.03am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.30 point to 1,509.44 from Friday close of 1,509.14.
The index opened 1.12 points better at 1,510.26.
On the broader market, gainers thumped losers 280 to 77, while 229 counters were unchanged, 1,515 untraded and 21 others suspended.
Total volume stood at 237.50 million units worth RM117.99 million.
Rakuten Trade, in a note, said the rally on Wall Street came as investors bought the tech stocks, leading to the rise in the exchange as it attempted to recover from its recent steep correction.
The local tech stocks also received a boost, adding 1.4%, or 0.77 points, to 54.76.
Nonetheless, Dow Jones settled above the 27,000 level while Nasdaq is a whisker away from the 11,000 level and S&P 500 at the 3,300 level.
“Regional markets this week should see a positive bias upwards, taking the cue from US markets. On our local market, it is likely to see follow-through buying interest in the glove and healthcare-related, such as vaccine, stocks as the Covid-19 numbers continue to rise globally and locally.
“Hence, investors should take position to ride the wave of trading opportunities,” the brokerage firm said.
Meanwhile, AxiCorp chief global market strategist Stephen Innes said the Gabungan Rakyat Sabah’s victory in the Sabah state election over the weekend provides more favourable signs for the status quo, which should walk back some thought of a snap general election.
“We could see the markets trade more favourable. But today's sentiment will very much depend on how inverters weigh the improving China’s industrial profits data released over the weekend with the resurgence of the pandemic worldwide,” he told Bernama.
Among the heavyweights, Maybank gained three sen to RM7.11, Top Glove strengthened seven sen to RM8.87, TNB added four sen to RM10.92, while Public Bank was flat at RM15.44.
Of the actives, four tech stocks were actively trading; IRIS gained two sen to 27.5 sen, Key Alliance inched up half-a-sen to 8.5 sen, INIX Technologies rose three sen to 33 sen, while Advance Synergy was two sen lower at 15.5 sen.
On the index board, the FBM Emas Index improved 4.46 points to 10,845.27 and the FBM Emas Shariah Index bagged 9.21 points to 12,971.63.
The FBM 70 rose 12.59 points to 14,062.88, the FBMT 100 Index went up 3.97 points to 10,672.48 and the FBM ACE was 2.29 points better at 10,029.51.
Sector-wise, the Financial Services Index strengthened 34.37 points to 12,361.99, the Plantation Index added 3.4 points to 7,058.52 and the Industrial Products and Services Index edged up 0.61 of-a-point to 135.40. – Bernama, September 28, 2020
