Bursa extends uptrend in early trade

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KUALA LUMPUR (Aug 23): Bursa Malaysia extended last Friday’s uptrend today with gains almost across the board as bullish sentiment continued to spur buying interest.


At 9.05am, the benchmark FBM KLCI had risen 5.27 points or 0.35% to 1,523.30 from last Friday’s close at 1,518.03.

The market bellwether opened 1.96 points higher at 1,519.99.

Market breadth was also positive with gainers outpacing losers 294 to 133, while 270 counters were unchanged, 1,511 untraded and seven others suspended.

Turnover stood at 350.29 million shares worth RM127.17 million.

Malacca Securities Sdn Bhd said the stability on the political scene following the appointment of the new prime minister, Datuk Seri Ismail Sabri Yaakob, may give rise to positive sentiment, but risks remained due to the elevated Covid-19 cases in Malaysia.

Ismail was sworn in as the ninth prime minister of Malaysia at Istana Negara on Saturday.

Meanwhile, investors are keeping an eye on Malaysia’s inflation rate for July — due to be announced on Wednesday.

Commodities-wise, crude palm oil (CPO) was trading below the all-time-high zone, while Brent crude oil was trading below US$66 (RM279.21) a barrel.

“Investors may pick up stocks in the technology sectors following the jump in the Nasdaq last Friday.


“Besides, focus may remain on the recovery-themed sectors, such as construction, property, transportation and logistics, and consumer-related,” it said in a note.

At last Friday’s close, the US stock markets rebounded from the recent pullback, with the Dow adding 0.7% on a broad-based recovery as bargain-hunting activities took shape.

Meanwhile, on the local bourse today, heavyweights Malayan Banking Bhd (Maybank), CIMB Group Holdings Bhd and Sime Darby Plantation Bhd had gained five sen each to RM8.17, RM4.69 and RM3.97 respectively.

Public Bank Bhd added two sen to RM3.94 and IOI Corp Bhd was four sen higher at RM3.80, while Digi.Com Bhd and Genting Malaysia Bhd (GenM) inched up three sen to RM4.34 and RM2.81 respectively.

Meanwhile, Genting Bhd dropped three sen to RM4.71, while Top Glove Corp Bhd and MR DIY Group (M) Bhd eased one sen to RM3.79 and RM3.88 respectively.

Among the actives, Advance Synergy Bhd decreased 3.5 sen to 15.5 sen, MMAG Holdings Bhd increased two sen to 15 sen, Malayan United Industries Bhd erased one sen to 8.5 sen and Avillion Bhd rose one sen to 19 sen.

On the index board, the FBM Emas Index inched up 47.74 points to 11,115.70, the FBMT 100 Index bagged 45.35 points to 10,865.99, the FBM Emas Shariah Index lifted 48.58 points to 12,266.09, the FBM 70 went up 91.52 points to 14,690.37 and the FBM ACE was 79.24 points higher at 7,225.60.

Sector-wise, the Plantation Index climbed 44.98 points to 6,461.36, the Financial Services Index rose 66.98 points to 14,909.85, and the Industrial Products and Services Index edged up 0.60 of a point to 188.86.- BERNAMA