Bursa Malaysia opens higher, extending 6-Day winning streak


By Bernama - May 21, 2020 @ 10:07am

KUALA LUMPUR: Bursa Malaysia extended its six-day winning streak to open higher today, tracking Wall Street's overnight surge amid the strengthening of crude oil prices.

The key index was also lifted by persistent buying interest in rubber glove stocks.

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 4.82 points, or 0.34 per cent to 1,439.94 from 1,435.12 at Wednesday's close.

The barometer index opened 2.78 points firmer at 1,437.49.

Market breadth was positive, with gainers outnumbering losers 335 to 98, while 229 counters were unchanged, 1,236 untraded and 30 others suspended.

Turnover stood at 458.77 million units worth RM260.16 million.

In a note today, Rakuten Trade Sdn Bhd said optimism from the better overnight performance of Wall Street may spread across the regional markets today.

However, the potential upside may be curtailed by some profit-taking activities, it said.

"On the local front, we believe the FBM KLCI may attempt with its uptrend with an eye at 1,450 marks as crude oil price continues with its ascension as the Brent is now hovering around the US$36 per barrel level from only US$27 per barrel a week ago.

"Nonetheless, we may see some resistance for the benchmark index around the 1,440- 1,445 range," it added.

Rubber glove makers continued to take the lead in gains among the heavyweights, with Top Glove, which is also the top gainer across the board, increasing 52 sen to RM11.32 and Hartalega adding 10 sen to RM9.52.

MISC accumulated seven sen to RM8.17, Maybank was two sen higher at RM7.51 and Public Bank bagged four sen to RM15.50.

The most active counters included Velesto which rose one sen to 18 sen, Careplus perked 2.5 sen to 97.5 sen, Comfort Gloves increased 27 sen to RM2.75, HLT Global warrant inched up half-a-sen to 32 sen while Eduspec was half-a-sen lower at 2.5 sen.

On the index board, the FBM Emas Index leapt 48.14 points to 10,211.75, the FBMT 100 Index expanded 43.96 points to 10,04987, the FBM Emas Shariah Index was 67.86 points higher at 11,619.48.

The FBM ACE advanced 53.09 points to 5,514.12 and the FBM 70 strengthened 97.56 points to 12,735.75.

Sector-wise, the Financial Services Index improved 26.57 points to 12,475.37, the Industrial Products and Services Index ticked up 0.09 of-a-point to 124.96 and the Plantation Index put on 11.51 points to 6,641.36.-- BERNAMA