KUALA LUMPUR (July 5): Bursa Malaysia opened marginally higher as market sentiment may be improving as five states in the country are moving into Phase 2 of the National Recovery Plan (NRP).
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At 9.05am, the benchmark FBM KLCI had risen 0.24 of a point to 1,533.59 from last Friday’s close at 1,533.35.
The market bellwether opened 0.69 of a point higher at 1,534.04.
On the broader market, gainers led losers 192 to 169, while 299 counters were unchanged, 1,513 untraded and nine others suspended.
Turnover stood at 286.43 million units valued at RM124.17 billion.
On Saturday, the National Security Council announced that Kelantan, Pahang, Perak, Terengganu and Perlis had fulfilled the three indicators of the NRP and will move into Phase 2 today.
Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob and Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said these five states are being rewarded for having lowered their number of cases, having better capacity in ICU wards and having increased the percentage of their populations vaccinated in accordance with set thresholds under the NRP.
However, Malacca Securities said the upside for the KLCI could be capped as investors could stay cautious as daily Covid-19 cases remained above 6,000.
Meanwhile, investors may monitor Bank Negara Malaysia’s (BNM) interest rate decision this week to position themselves in the stock markets.
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“Commodities-wise, crude palm oil (CPO) prices rose for the fourth consecutive day. The oil and gas (O&G) sector may be focused on as Brent oil prices were trending at around US$76 (about RM315.93),” Malacca Securities said in a research note today.
In addition, the brokerage opined that the technology sector should stay in line with the Nasdaq’s upward movement.
“Given that we are still in lockdown mode with five states moving into Phase 2 of the NRP, we may look out for plastic packaging stocks amid stronger demand for plastic usage,” it said.
Among the heavyweights, Petronas Chemicals Group Bhd (PetChem) rose two sen to RM8.09, Tenaga Nasional Bhd (TNB) increased three sen to RM9.76 and Press Metal Aluminium Holdings Bhd advanced four sen to RM4.82, while Malayan Banking Bhd (Maybank) and IHH Healthcare Bhd were flat at RM8.11 and RM5.61 respectively. Meanwhile, Public Bank Bhd fell one sen to RM4.10 and CIMB Group Holdings Bhd shed two sen to RM4.62.
Of the actives, Serba Dinamik Holdings Bhd gained three sen to 41.5 sen, NWP Holdings Bhd went up one sen to 22.5 sen and Pasukhas Group Bhd improved 3.5 sen to 32 sen, while Sarawak Consolidated Industries Bhd and KPower Bhd jumped 4.5 sen each to 85.5 sen and 96.5 sen respectively.
On the index board, the FBM Emas Index was 4.52 points higher to 11,165.43, the FBMT 100 Index gained 2.55 points to 10,875.97 and the FBM Emas Shariah Index expanded by 12.47 points to 12,188.58.
The FBM ACE eased 0.66 of a point to 7,210.55, but the FBM 70 was 6.52 points stronger at 14,456.85.
Sector-wise, the Financial Services Index dipped 11.38 points to 15,116.07, the Industrial Products and Services Index was up 0.55 of a point higher at 187.48, and the Plantation Index added 0.82 of a point to to 6,416.64.- BERNAMA