Bursa higher in early trade

KUALA LUMPUR – Bursa Malaysia edged higher this morning, fueled by buying in the index-linked counters, led by Public Bank.

At 9.30am, the benchmark FBM KLCI gained 12.67 points to 1,644.37 after opening 9.29 points stronger at 1,640.99.

Public Bank contributed 10.74 points to the composite index after rising RM1.42 to RM19.88, with 2.77 million shares changing hands.

Yesterday, the group announced a proposed issuance of up to 15.53 billion bonus shares on the basis of four bonus shares for every one existing share.

There were 364 gainers, 419 losers and 411 counters traded unchanged on the Bursa Malaysia.

Turnover was at 1.870 billion shares valued at RM1.075 billion.

In a note today, Rakuten Trade Sdn Bhd said it expects the broad-based bullish sentiment to flow through, while vaccine-related stocks  -- which experienced some sell down yesterday – may see some bargain hunting today.

The research firm said Top Glove’s results, which will be announced later today, will also likely boost interest in glove stocks as well as healthcare-related personal protective equipment stocks.

Meanwhile, Malacca Securities Sdn Bhd said the healthcare sector might continue to be in focus due to rising Covid-19 cases.

“Tracking the recovery in healthcare stocks, led by Top Glove ahead of the release of its results, we believe the healthcare segment could rebound further, at least for the first session of the day,” it said in a note today.

Among the heavyweights, Maybank gained two sen to RM8.26, IHH Healthcare rose eight sen to RM5.63, while Petronas Chemicals was flat at RM7.60.

Tenaga eased two sen to RM10.74, Top Glove slipped one sen to RM7.08, and Hartalega fell 16 sen to RM14.50.

Among the actives, Pegasus and Fintec were flat at three sen and 10.5 sen, respectively, XOX shed half-a-sen to 10 sen and P.A Resources trimmed one sen to 17.5 sen.

On the index board, the FBM Emas Index was 72.92 points higher at 11,888.71, the FBMT 100 Index bagged 57.27 points to 11,625.9, and the FBM ACE advanced 57.31 points to 10,914.9.

The FBM 70 decreased 12.21 points to 15,355.33 and the FBM Emas Shariah Index erased 19.29 points to 13,580.59.

Meanwhile, the Industrial Products and Services Index slipped 0.32 of a point to 175.2, the Plantation Index lost 24.19 points to 7,345.52, while the Financial Services Index surged 268.25 points to 14,832.61. – Bernama, December 9, 2020.