Friday, 18 Sep 2020
MARKET
10/09/2020 10:04 AM

KUALA LUMPUR, Sept 10  -- Bursa Malaysia clawed back some of its previous losses to open firmer today after the US stocks booked sharp gains overnight.

The local bourse also traded in tandem with the uptrend seen in most regional markets.

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) firmed 0.85 of-a-point to 1,497.57 from Wednesday's close of 1,496.72.

The key index rebounded 5.50 points to 1,502.22 at the opening.

Market breadth was positive with gainers overtaking losers 409 to 86, while 216 counters were unchanged, 1,335 untraded and 32 others suspended.

Trading volume stood at 361.65 million shares worth RM202.80 million.

Gains on the market barometer were mainly contributed by Top Glove which rose 11 sen to RM7.26, Hartalega increased 16 sen to RM13.16 and Maxis added four sen to RM5.08.

IHH, Sime Darby Plantation and Sime Darby added three sen each to RM5.38, RM5.51 and RM2.33, respectively.

In a note today, Rakuten Trade Sdn Bhd said Wall Street staged a strong technical rebound on Wednesday, but whether the rally is sustainable remains to be seen amid some late selling.

"Locally, we expect the FBM KLCI to stage a rebound as well since the local bourse has been on a prolonged consolidation mode.

"As such, we believe the benchmark index to possibly test the 1,510-1,520 range today," it said, anticipating that regional markets are likely to trend higher today following yesterday’s whitewash.

Regionally, Singapore's Straits Times Index gained 0.19 per cent to 2,504.18, Japan's Nikkei was 0.76 per cent higher at 23,207.30 and South Korea's KOSPI Composite Index increased 0.67 per cent to 2,391.70.

Top gainers were led by MPI which added 50 sen to RM17.38, Kossan increased 24 sen to RM11.20, Bursa improved 18 sen to RM8.61, UWC bagged 17 sen to RM6.18, and Hartalega.

Of the actives, Asian Pac accumulated 2.5 sen to 15 sen, Destini eked out small gains of half-a-sen to 33.5 sen, XOX perked one sen to 21 sen, Gets Global was 10 sen firmer at RM1.03 while Konsortium Transnasional added two sen to 16.5 sen.

On the index board, the FBM Emas Index strengthened 23.61 points to 10,749.49 and the FBM Emas Shariah Index leapt 54.44 points to 12,626.48.

The FBM 70 went up 76.34 points to 13,781.54, the FBMT 100 Index was 19.12 points better at 10,555.93 and the FBM ACE put on 84.05 points to 10,334.11.

Sector-wise, the Healthcare Index rose 36.83 points to 3,454.77, the Plantation Index was 13.00 points higher at 7,049.82 and the Industrial Products and Services Index edged up 0.16 of-a-point to 135.89.

The Financial Services Index, however, dwindled 22.17 points to 12,658.05.

--BERNAMA

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