KUALA LUMPUR (Aug 25): Bursa Malaysia extended its rally for the fourth consecutive day amid strong investors’ appetite and better commodity prices.
At 9.05am, the benchmark FBM KLCI had increased 12.32 points to 1,565.69 from yesterday’s close at 1,553.37.
The market bellwether opened 1.21 points higher at 1,554.58.
Market breadth remained positive with gainers surpassing decliners 256 to 130, while 312 counters were unchanged, 1,553 untraded and nine others suspended.
Turnover increased to 197.44 million shares worth RM129.59 million.
Malacca Securities Sdn Bhd said while the market may anticipate some potential pullback due to profit-taking activities, it believes that the positive sentiment on the local bourse should continue to be supported by the broad-based recovery tunes amid rising commodity prices.
Additionally, the market is likely to be supported by the smooth domestic vaccination progress and noted that investors also seem to be optimistic about the ongoing reporting season, it said in a research note today.
It said the Baltic Exchange’s main sea freight index (Baltic Dry Index) rose to above 4,200 points yesterday, its highest point since mid-2010, and the Brent crude oil price rebounded to close above the US$71 (about RM299.29) level — both factors that may support the oil and gas as well as the transportation and logistics counters.
“Investors should remain bullish on the technology sector following the extended overnight gain in the Nasdaq.
“Additionally, we believe the recovery-themed sectors, such as building material and construction sectors, should continue to gain traction,” it said.
Banking heavyweights Public Bank Bhd advanced four sen to RM4.15, Malayan Banking Bhd (Maybank) added six sen to RM8.38 and CIMB Group Holdings Bhd was five sen higher at RM4.88.
Press Metal Aluminium Holdings Bhd jumped 20 sen to RM5.20, IOI Corp Bhd gained 10 sen to RM3.99 and Sime Darby Plantation Bhd inched up six sen to RM4.22.
Among the actives, MMAG Holdings Bhd, AE Multi Holdings Bhd and Ta Win Holdings Bhd were flat at 11.5 sen, 4.5 sen and 16.5 sen respectively, while Aimflex Bhd dropped one sen to 17.5 sen.
On the index board, the FBM Emas Index rose 70.91 points to 11,436.26, the FBMT 100 Index bagged 70.89 points to 11,142.07, the FBM Emas Shariah Index gained 72.47 points to 12,493.81, the FBM 70 was 29.69 points higher at 14,961.09 and the FBM ACE went up 36.94 points to 7,364.43.
Sector-wise, the Plantation Index firmed 83.81 points to 6,698.65, the Financial Services Index climbed 110.65 points to 15,447.08, and the Industrial Products and Services Index edged up 1.84 points to 193.21.-BERNAMA