KUALA LUMPUR (April 8): Bursa Malaysia opened easier but rebounded thereafter today, attempting to extend yesterday’s gains, despite the flat overnight performance on Wall Street.
The US stock markets staged a modest recovery after the US Federal Reserve signals no changes to the current bond-buying program.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.02 points to 1,602.61 from Wednesday’s close of 1,600.59.
The index opened 0.78 of-a-point easier at 1,599.81.
“We believe the foreign buying support yesterday may continue to lift FBM KLCI members in the near term. Given the higher oil prices resulting from the recovery of global economy, coupled with the smooth ongoing COVID-19 vaccination, it should bring some optimism to the market.
“The key index may have a positive bias moves over the near term with the resistance envisaged along 1,615 to 1,635, while the support level is set at 1,565 to 1,575.
It added that sector-focus traders will still look out for the recovery-theme sector such as consumer, aviation, tourism, construction and property on the back of the ongoing vaccination plan on the local front.
Of the heavyweights, Public Bank gained three sen to RM4.25, Petronas Chemicals added four sen to RM7.99, while Maybank fell eight sen to RM8.40, Tenaga shed two sen to RM10.24, and IHH Healthcare was flat at RM5.31.
Among the active counters, Luster Industries and its warrant added one sen each to 24.5 sen and 14.5 sen, respectively, DGB Asia and Pasukhas Group edged up half- a-sen each to 6.5 sen and three sen, respectively, while Permaju was flat at 22 sen.
Sector-wise, the Industrial Products and Services Index edged up 0.24 of-a-point to 195.12, the Financial Services Index slipped 15.5 points to 15,363.71, while the Plantation Index went down 17.48 points to 7,060.43.
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