KUALA LUMPUR, April 3 ― Bursa Malaysia opened slightly higher today, supported by firmer crude oil prices which shore up investors’ confidence amid continuing worries about the Covid-19 outbreak.
Investors also reacted positively towards FTSE Russell’s announcement yesterday to keep Malaysia on its World Government Bond Index (WGBI) watch list at the interim review, albeit, it is an expected outcome.
At 9.05am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.68 points, or 0.12 per cent to 1,332.52 from 1,330.90 at yesterday’s close.
The key index opened 0.66 of- point firmer at 1,331.56.
On the broader market, gainers outnumbered losers 295 to 51, while 157 counters were unchanged, 1,418 untraded and 19 others suspended.
Turnover stood at 633.57 million worth RM169.20 million.
In a note today, Maybank Investment Bank Research (Maybank IB Research) said FTSE Russell acknowledges the initiatives taken by Bank Negara Malaysia (BNM) to improve both bond and foreign exchange liquidity.
“A major decision should come at the annual review in September this year, and we expect Malaysia to be retained in WGBI,” it said in a note today.
In a separate note, the research house said despite the recovery from the recent losses, the short-term outlook remains grim, as Moody had downgraded Malaysia’s banking system to negative from stable.
“Technically, we expect the FBM KLCI to range between 1,300 and 1,350 today. Downside supports are at 1,240 and 1,211,” it said.
Among the heavyweights, Hartalega advanced 20 sen to RM7.00, Petronas Chemicals rose seven sen to RM4.83, Petronas Gas was 24 sen better at RM15.54, Hong Leong Bank bagged 18 sen to RM13.32 and IHH increased 18 sen to RM5.10.
Petronas Gas, Hartalega and Hong Leong Bank are also among the top gainers on Bursa Malaysia today.
The most active counters continue to be dominated by oil and gas- linked stocks.
Armada and Velesto perked two sen each to 18.5 sen and 19 sen respectively, Sapura Energy inched up 1.5 sen to 10.5 sen, Hibiscus was 6.5 sen firmer at 49.5 sen and Borneo Oil ticked up half-a-sen to 2.5 sen.
On the index board, the FBM Emas Index strengthened 36.99 points to 9,222.74, the FBM Emas Shariah Index accumulated 58.44 points to 10,116.37 while the FBMT 100 Index went up 24.43points to 9,124.97.
The FBM 70 jumped 106.07 points to 10,850.83 and the FBM Ace advanced 38.65 points to 4,005.13.
Sector-wise, the Industrial Products and Services Index edged up 0.97 of-a-point to 105.86, the Financial Services Index firmed 6.83 points to 12,083.82 but the Plantation Index weakened 18.27 points to 6,108.01. ― Bernama