KUALA LUMPUR – Bursa Malaysia has a fresh start today as it opened on a stronger note, aiming to erase the gloom of last week.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.78 points to 1,501.08 against previous close of 1,500.30.
On the broader market, gainers powered above losers 244 to 153, while 253 counters were unchanged, 1,446 untraded and 20 others suspended.
Total volume stood at 279.75 million units worth RM196.8 million.
An analyst said despite the rising concern of Covid-19 cases, the benchmark index, which has reached an oversold position, is expected to bounce back, driven by demand for certain stock categories.
“Banking stocks are expected to be driven higher as non-performing loans are expected to be manageable following the targeted moratorium assistance; plantation stocks are impending an uptrend due to the coming rainy season; and healthcare would continue its upward momentum as Covid-19 cases is on the rise,” she said.
She added that from the technical perspective, barring unforeseen circumstances, the benchmark KLCI would be trading between 1,500 and 1,515 with the support located at 1,490.
On other index performance, she said technology would continue to be investors’ new favourite in line with digitisation efforts taken globally, while industrial products would be under slight pressure as purchasing power might see a decline due to the rising number of Covid-19 cases.
Of heavyweights, Maybank rose three sen to RM7.14, CIMB added one sen to RM3.07, Axiata and IHH added two sen each to RM2.90 and RM5.02, and Kuala Lumpur Kepong climbed 16 sen to RM22.86.
Leading the list for gainers are Kossan Rubber and its warrant jumped 18 sen and 10 sen, respectively, to RM14.80 and RM1.85, Prolexus and QL added 15 sen each to RM1.37 and RM9.99, and Time added 10 sen to RM12.18.
On the index board, the FBM Emas Index rose 9.78 points to 10,831.48, the FBM Emas Shariah Index increased 11.44 points to 12,933.07 and the FBM 70 added 38.92 points to 14,237.90.
The FBMT 100 Index went up 11.58 points to 10,661.78 and the FBM ACE appreciated 73.99 points to 10,077.87. – Bernama, October 5, 2020
