Bursa extends gains to open higher

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KUALA LUMPUR (Nov 8): Bursa Malaysia opened higher on Monday (Nov 8), extending last week’s gains, driven by continued buying demand for selected heavyweights and in line with the positive performance of some of the regional markets, dealers said.

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At 9.55am, the benchmark FBM KLCI had risen 4.09 points to 1,535.28 from last Friday’s close at 1,531.73. It opened 2.48 points higher at 1,534.21.

On the broader market, however, losers slightly led gainers 349 to 320, while 387 counters were unchanged, 1,233 untraded and 27 others suspended.

Turnover amounted to 912.31 million units worth RM475.94 million.

Malacca Securities Sdn Bhd, in a research note, said the positive momentum from US stock markets, which rallied as investors cheered the job market recovery, and positive data on Covid-19 pills should spill over onto the local bourse over the longer term.

“The KLCI finished the week with marginal gains on the back of final-hour bargain-hunting activities, but broader market sentiment was negative. We think investors may pay attention to fundamentally solid companies with bright earning prospects prior to the upcoming earnings season, such as technology stocks,” it said.

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Among the heavyweights, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd added one sen each to RM8.02 and RM5.08 respectively, while Public Bank Bhd, Petronas Chemicals Group Bhd (PetChem) and IHH Healthcare Bhd were flat at RM4.03, RM8.30 and RM6.58 respectively.

Of the actives, Ecomate Holdings Bhd gained 17 sen to 50 sen, NWP Holdings Bhd perked 3.5 sen to 35.5 sen and CSH Alliance Bhd went up one sen to 12.5 sen, while Ta Win Holdings Bhd eased half a sen to 14.5 sen.

On the index board, the FBM Emas Index increased 13.24 points to 11,377.37, the FBMT 100 Index climbed 13.04 points to 11,003.97 and the FBM Emas Shariah Index advanced 12.65 points to 12,424.39, while the FBM ACE slipped 54.25 points to 7,070.24 and the FBM 70 weakened by 45.18 points to 15,067.34.

Sector-wise, the Industrial Products and Services Index edged up 0.38 of a point to 202.94, the Plantation Index expanded 26.43 points to 6,753 and the Financial Services Index was 5.59 points higher at 15,172.47.-BERNAMA