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Public Bank lifts Bursa Malaysia in early trade

On the broader market, losers outpaced gainers 267 to 131, while 290 counters were unchanged, 1,503 untraded and 12 others suspended. — Bernama pic

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KUALA LUMPUR, May 12 — Bursa Malaysia recovered from yesterday’s losses to open higher on Wednesday, thanks to buying support in the index-linked counters led by Public Bank.

At 9.05am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.34 points to 1,578.98 from Tuesday’s close of 1,577.64.

The index opened 1.35 points weaker at 1,576.29.

Public Bank, which posted a higher net profit in the first quarter of 2021(1Q21), rose 11 sen to RM4.21, lifting the composite index by substantial 4.042 points.

On the broader market, losers outpaced gainers 267 to 131, while 290 counters were unchanged, 1,503 untraded and 12 others suspended.

Total volume stood at 188.5 million worth RM111.41 million.

Malacca Securities Sdn Bhd expects lacklustre trade on the local bourse, taking cues from the negative Wall Street overnight performance, and ahead of the Aidilfitri holiday.

However, it believes bargain-hunting activities might emerge within the energy sector as Brent oil price gained momentum as lingering fears of gasoline shortage as North America’s biggest petroleum pipeline was affected for days following a cyberattack.

“We expect to see trading interest in energy counters amid concerns over the supply shortage situation in the US.

“Besides, we opine that bargain-hunting activities may emerge in laggard counters with high earning certainties amid MCO, such as plastic-related and packaging stocks,” it said in a note.

The research firm said some of the glove counters might have a relief rebound, but upside might be short lived, given the ongoing vaccine rollout plan globally could subside Covid-19 moving forward.

“We expect thin trading on the key index on the half-day trade, with support pegged around 1,555 and 1,565, while the resistance is set between 1,600 and 1,620,” it added.

Among heavyweights, Maybank and CIMB bagged three sen each to RM8.22 and RM4.13, respectively, Top Glove perked two sen to RM5.20, while IHH Healthcare was flat at RM5.58.

However, PetChem lost 10 sen to RM8.12 and Tenaga eased four sen to RM9.87.

Of the actives, Focus Dynamics and Tanco were flat at 6.5 sen and 13.5 sen, respectively, Nova inched down half-a-sen to 12 sen, and Adventa trimmed two sen to RM2.17.

On the index board, the FBM Emas Index recovered 2.88 points to 11,536.14 and the FBMT 100 Index improved 3.05 points to 11,214.48.

However, the FBM Emas Shariah Index decreased 47.88 points to 12,887.34, the FBM ACE erased 13.57 points to 7,882.92, and the FBM 70 declined 20.92 points to 14,971.84.

Sector-wise, the Plantation Index fell 55.35 points to 7,0000.96, the Industrial Products and Services Index slipped 1.05 points to 196.29, while the Financial Services Index soared 131.72 points to 14,837.82.

Bursa Malaysia and its subsidiaries will be opened for half-day trading today and closed in the afternoon in conjunction with the Aidilfitri holidays on Thursday and Friday.

However, clearing, settlement and depository services provided by Bursa Malaysia Depository and the offices of Bursa Malaysia Securities and Bursa Malaysia Derivatives will continue as usual and remain open until the end of the business day.

Bursa Malaysia will remain close from May 13-16, and trading will resume on Monday, May 17. — Bernama

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