KUALA LUMPUR — The local market recovered some lost ground after the main index lost 1.32 per cent yesterday, backed by renewed optimism on the US stimulus package.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 7.11 points to 1,496.67 from the previous close of 1,486.56.
On the broader market, gainers powered above losers 260 to 120, while 245 counters were unchanged, 1,522 untraded and 28 others suspended.
Total volume stood at 584.91 million units worth RM164.06 million.
An analyst said the Asian stocks are set to gain from this renewed optimism as it would lead to a stronger economic recovery, as well as a spillover effect towards emerging nations in Asia.
"However, uncertainty remains on the timeline of the stimulus, as well as rising number of Covid-19 global cases, leading it to cap the gains for now," he said.
Meanwhile, Malacca Securities, in its equity note, today said the eleventh-hour sharp selling pressure in selected index heavyweights sent the local bourse spiralling lower yesterday.
"After the previous session slip, we think that bargain-hunting activities may emerge on the local bourse as investors nibble on beaten-down stocks. It was a tale of two sides as the lower liners managed to march higher on the back of the rotational play, coupled with the favourable market sentiment," it said.
The heavyweight counters rebounded in the early session as Maybank and Tenaga Nasional rose six sen each to RM7.16 and RM10.30, Petronas Chemicals added eight sen to RM5.78, Sime Darby gained five sen to RM2.44, and Public Bank was eight sen higher at RM15.66.
As for the top gainers, F&N added 18 sen to RM32.18, Scientex increased 12 sen to RM11.08 and Latitude Tree inched up 11 sen to RM1.54.
On the index board, the FBM Emas Index added 47.50 points to 10,835.81 and the FBM Emas Shariah Index was 49.67 points higher at 12,951.79.
The FBM 70 gained 47.04 points to 14,319.84, the FBMT 100 Index strengthened 46.62 points to 10,654.16 and the FBM ACE leaped 48.04 points to 10,550.04.
Sector-wise, the Financial Services Index was 60.28 points higher at 12,363.42, the Plantation Index added 22.88 points to 6,910.43, and the Industrial Products and Services Index was 0.66 of-a-point stronger at 138.64. — Bernama, October 8, 2020
