KUALA LUMPUR (April 11): Bursa Malaysia continued last Friday’s gains to open higher on Monday (April 11), lifted by positive market sentiment as investors followed global equity markets.
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At 9.05am, the benchmark FBM KLCI was 1.24 points better at 1,608.53 from last Friday’s close at 1,607.29.
The barometer index opened 0.66 of a point higher at 1,607.95.
On the broader market, losers led gainers 173 to 179, while 272 counters were unchanged, 1,630 untraded and 13 others suspended.
Total turnover stood at 266.93 million worth RM68.47 million.
In a note, Malacca Securities Sdn Bhd said investors should favour stocks under the recovery theme, while avoiding the technology sector.
“Meanwhile, several economic releases for this week include the US inflation rate and the European Central Bank interest rate decision which will be released on April 12 and 14 respectively,” it said.
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Commodity-wise, it noted that crude oil hovered above US$100 (about RM422.55), while crude palm oil (CPO) was traded firmer above RM5,900.
The firm expects investors to favour consumer, tourism and building material stocks in anticipation of improving economic activities. Besides, the plantation sector is expected to stay firm amid a recovery in FCPO prices.
“However, the technology sector should see cautious trading following the decline on the Nasdaq overnight amid expectations of a more hawkish tone from the US Federal Reserve on monetary policy going forward,” it added.
Among the heavyweights, Malayan Banking Bhd (Maybank) added three sen to RM8.88, IHH Healthcare Bhd rose four sen to RM6.49 and Public Bank Bhd was flat at RM4.68, while Petronas Chemicals Group Bhd lost eight sen to RM10.22 and CIMB Group Holdings Bhd slipped four sen to RM5.31.
Of the actives, Vsolar Group Bhd and Brahim’s Holdings Bhd fell half a sen each to one sen and three sen respectively, Yong Tai Bhd and Matang Bhd rose half a sen each to 12.5 sen and 11 sen respectively, while Tanco Holdings Bhd increased 6.5 sen to 54.5 sen.
On the index board, the FBMT 100 Index added 7.68 points to 11,208.30, the FBM Emas Index was 10.04 points higher at 11,561.63 and the FBM Emas Shariah Index gained 19.87 points to 12,222.46, FBM 70 advanced 5.60 points to 14,009.45 and FBM ACE inched up 0.08 of a point to 5,861.56.
Sector-wise, the Industrial Products and Services Index inched down 0.06 of a point to 214.41, whereas the Financial Services Index slipped 7.04 points to 16,775.29, while the Plantation Index rose 42.28 points to 8,395.88.-BERNAMA