KLCI opens higher after US stock rise

KUALA LUMPUR (March 10): Bursa Malaysia continued its upward momentum to open higher today, tracking the performance of stronger US equities overnight with the Nasdaq rallied to recoup previous session losses as US bond yields retreated.

At 9.05am, the benchmark FBM KLCI had risen 5.94 points to 1,630.72 from yesterday’s close at 1,624.78.

The key index opened 4.25 points higher at 1,629.03 today.

On the broader market, losers outpaced gainers 420 to 145, while 314 counters were unchanged, 1,316 untraded and eight others suspended.

Total volume stood at 436.02 million units worth RM282.23 million.

Malacca Securities Sdn Bhd said as the economic recovery was taking shape following declining Covid-19 cases, the KLCI continued its upward march, with the key index hovering steadily above the 1,600-point psychological level.

“Tracking the strong rebound of tech heavyweights on Wall Street, we expect bargain-hunting activities to emerge for local technology stocks, which have been hammered down over the past week.

It also noted that crude palm oil (CPO) prices had been trading firmer near the RM4,000 level.

“Given the rebound in the Nasdaq, market players may position themselves in the tech sector, while continuing to pick up on laggard counters in the recovery-themed sectors, such as gaming, aviation, consumer, construction and property.

“Besides, we should expect to see some buying interest in plantation counters amid firmer CPO prices,” it added.

Among the heavyweights, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd added one sen each to RM8.51 and RM4.66 respectively, Public Bank Bhd gained three sen to RM4.45, Tenaga Nasional Bhd (TNB) eased two sen to RM10.68 and Petronas Chemicals Group Bhd (PetChem) was flat at RM8.13.

Of the actives, KTG Bhd and Dagang NeXchange Bhd (DNeX) warrants improved one sen each to 24 sen and 35.5 sen respectively, DNeX increased 1.5 sen to 74.5 sen, Saudee Group Bhd advanced six sen to 60 sen and Dynaciate Group Bhd was flat at 15 sen.

On the index board, the FBM Emas Index had risen 61.87 points to 11,896.84, the FBMT 100 Index expanded 58.12 points to 11,599.48 and the FBM Emas Shariah Index was 79.97 points higher at 13,102.69.

The FBM ACE surged 114.36 points to 10,304.08 and the FBM 70 soared 139.78 points to 15,761.09.

Sector-wise, the Financial Services Index climbed 18.67 points to 15,761.09, the Plantation Index gained 4.32 points to 7,172.0 and the Industrial Products and Services Index edged up 0.68 of a point to 187.90.

Source: TheEdgeMarkets