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Bursa Malaysia, its Asian peers up at the opening on the optimism of the US recovery | Silver




Bursa Malaysia opened higher today.  Photo by Hari Anggara
Bursa Malaysia opened higher today. Photo by Hari Anggara

KUALA LUMPUR, October 19 Bursa Malaysia opened higher today, in line with regional peers in optimism over US stimulus talks.

At 9:02 a.m., the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.17 points, or 0.27%, to 1,508.01 from 1,503.84 at the Friday close.

The market barometer opened 3.37 more points at 1507.21.

On the scoreboard, the winners beat the losers 309 to 88, while 290 counters remained unchanged, 1,464 not traded and 23 more suspended.

The total volume was 390.21 million units valued at RM 148.76 million.

Regionally, the Japanese Nikkei rose 1.08% to 23,664.25, the Shanghai Composite Index gained 0.13% to 3,336.36, and South Korea’s KOSPI Composite Index was 0.38% better at 2350.34.

Malacca Securities Sdn Bhd estimated that after three straight days of decline, a rebound is in store as investors seek deals on battered stocks.

The upcoming release of China’s third-quarter 2020 gross domestic product (GDP) data could serve as a leading indicator of the pace of the global economic recovery with just double digits of new daily cases reported since April 2020.

Meanwhile, trading activity that remains relatively robust will ensure that the spinning game stays in place in the prevailing low-yield environment, the brokerage firm said in a note today.

On a sectoral level, he said that while countries around the world still see higher daily new cases of Covid-19, the health sector will continue to be busy.

The tech sector will also remain in an ideal position due to relatively robust demand.

To recap, the FBM KLCI index slipped 0.7 percent to finish lower for the week just ended as the key index recorded its third straight decline, led by heavyweights linked to Petronas and selected by telecommunications operators.

Lower liners, however, ended in green after 8.7 billion shares traded across Bursa Malaysia – the highest since September 2, 2020.

During this time, the market as a whole ended mostly in negative territory.

Among the heavyweights, Maybank won one sen at RM 7.16, Top Glove pocketed 14 sen at RM 9.39, Hartalega took eight sen at RM 18.46 and the Public Bank was four sen higher at RM 15 , 90 RM.

The most active counters were led by AT Systematization, which gained one sen at 9.5 sen, Mah Sing gained 11.5 sen at RM1.06, while Luster and his warrants added 1.5 sen and two sen each at 19 sen and 9.5 sen, respectively.

Top winners included Nestlé, accumulating 40 sen to RM139.80, G3 Global rising 27 sen to RM3.27, Scientex improving 16 sen to RM11.96 and Rubberex advancing 14 sen to RM2.71.

Big losers such as Yinson lost 25 sen to RM 5.18, Melati Ehsan slipped eight sen to 39.5 sen and VS Industry lost four sen to RM 2.48.

On the index board, the FBM Emas index rose 32.77 points to 10,970.84, the FBMT 100 index rose 29.96 points to 10,770.18 and the FBM Emas Shariah index rose 43 , 18 points at 13183.79.

FBM 70 added 41.08 points to 14,612.79 and FBM ACE jumped 93.40 points to 11,065.28. Bernama

The financial services index improved by 26.96 points to 12,436.63, the plantation index increased by 10.43 points to 6,868.94 and the industrial products and services index recorded a small gain of 0.48 point to 144.08. Bernama

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