KLCI firmer in early trade

KUALA LUMPUR (Dec 11): Bursa Malaysia extended yesterday’s upward momentum to open firmer this morning, thanks to buying support for the index-linked counters and small-capitalisation stocks amid higher crude oil prices.

At 9.07am, the benchmark FBM KLCI had gained 7.87 points to 1,662.26 after opening 6.37 points stronger at 1,660.76.

The overall market breadth was positive with gainers outnumbering losers 376 to 190, while 337 counters were unchanged, 1,234 untraded and 19 others suspended.

Volume stood at 792.98 million units worth RM263.9 million.

In a note today, Malacca Securities Sdn Bhd said although Wall Street ended on a mixed note, trading activities on the local front might skew towards the positive side.

This was prompted by the US Food and Drug Administration’s (FDA) panel recommendation for the approval of Pfizer’s Covid-19 vaccine for emergency use that could boost recovery-theme stocks on the local front as market players might continue to take profit on healthcare-related stocks, the research house said.

“Also, we noticed that Brent oil and crude palm oil prices trended higher overnight, in line with the optimism of vaccine news developments.

“We think the oil and gas and plantation sectors may return under the limelight on the back of rising commodities prices, while construction and building materials (steel and cement) should follow suit for short- to mid-term trading opportunities owing to the recovery theme play,” it said in a note today.

Among the heavyweights, Malayan Banking Bhd (Maybank) rose nine sen to RM8.47, Public Bank Bhd bagged 26 sen to RM20.46, Petronas Chemicals Group Bhd increased 12 sen to RM7.78, while Tenaga Nasional Bhd (TNB), Top Glove Corp Bhd and Hartalega Holdings Bhd gained two sen each to RM10.52, RM7.01, and RM14.38, respectively.

Among the actives, Sapura Energy Bhd added one sen to 13.5 sen, Nexgram Holdings Bhd and AirAsia X Bhd inched up half-a-sen each t0 5.5 sen and 9.5 sen, respectively, Bumi Armada Bhd perked 2.5 sen to 38.5 sen, and Hibiscus Petroleum Bhd improved three sen to 64.5 sen.

On the index board, the FBM Emas Index was 65.41 points higher at 11,988.28, the FBMT 100 Index appreciated 60.47 points to 11,743.39, the FBM 70 increased 98.47 points to 15,436.31 and the FBM Emas Shariah Index earned 53.45 points to 13,534.44.

However, the FBM ACE gave up 29.08 points to 11,010.83.

Meanwhile, the Industrial Products and Services Index perked 1.11 points to 177.49, the Financial Services Index soared 147.24 points to 15,466.28, while the Plantation Index improved 9.35 points to 7,364.36.

Source: TheEdgeMarkets