Bursa opens mixed on buying interest amid weaker sentiment on Asian markets

KUALA LUMPUR (Jan 29): Bursa Malaysia opened mixed today, supported by buying interest in selected consumer products and services, as well as healthcare counters, amid weaker sentiment on Asian markets, dealers said.

At 9.15am, the benchmark FBM KLCI had risen 8.49 points to 1,589.11 from 1,580.62 at Wednesday’s close.

The index opened 16.54 points higher at 1,597.16.

On the broader market, losers led gainers 409 to 261, while 348 counters were unchanged, 1,147 untraded and 62 others suspended.

Total volume stood at 819.264 million units worth RM894.58 million.

In a note today, Malacca Securities said the rebound on Wall Street overnight, coupled with the relaxation of the movement control order (MCO) to allow all businesses to operate until 10pm, may contribute to some positive impact on the market, despite rising Covid-19 cases that may still dampen the economic recovery.

“The KLCI outperformed its regional peers to end mildly higher on Wednesday following the announcement by the Ministry of Health (MoH) on the supply of 18.4 million doses of Covid-19 vaccines by Pharmaniaga Bhd and Duopharma Biotech Bhd in March 2021.

“We continue to favour the consumer products and services sector for its earning certainties during the reporting season. Besides, traders may look out for plantation counters following the surge in crude palm oil prices, while technology stocks may still be in the uptrend mode but subject to profit-taking activities after strong gains,” it said.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained six sen to RM7.93, Tenaga Nasional Bhd (TNB) advanced four sen to RM9.82, Top Glove Corp Bhd added 62 sen to RM6.83, while Public Bank Bhd slipped six sen to RM4.30, and Petronas Chemicals Group Bhd (PetChem) fell three sen to RM6.82.

Of the actives, PA Resources Bhd improved one sen to 21 sen, Vivocom Intl Holdings Bhd perked 5.5 sen to RM1.02, while AT Systematization Bhd and Luster Industries Bhd earned half a sen each to 17.5 sen and 19.5 sen respectively.

On the index board, the FBM Emas Index surged 33.50 points to 11,488.64, the FBMT 100 Index jumped 38.69 points to 11,229.08, and the FBM Emas Shariah Index was 68.71 points higher at 12,984.31.

The FBM 70 decreased 31.87 points to 14,769.52, while the FBM ACE slipped 5.77 points to 11,160.07.

Sector-wise, the Financial Services Index shed 16.95 points to 14,729.29, the Plantation Index declined 9.96 points to 7,137.20, and the Industrial Products and Services Index eased 1.55 points to 169.59.

Source: TheEdgeMarkets