Bursa Malaysia recovers amid bargain-hunting, improved investors' sentiment

KUALA LUMPUR: Bursa Malaysia started the day on slightly firmer grounds this morning after yesterday's sell-offs attracted bargain hunters.

Investors' appetite was boosted by Prime Minister Tan Sri Muhyiddin Yassin's announcement of the RM15 billion Malaysian Economic and Rakyat's Protection Assistance Package (PERMAI) yesterday.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 3.66 points to 1,613.18 with gains seen almost across the board.

The index opened 1.54 points higher at 1,611.06 from 1,609.52 at the close yesterday.

On the broader market, gainers outpaced losers 247 to 182, while 287 counters were unchanged, 1,380 untraded and 13 others suspended.

Total volume stood at 436.26 million units worth RM162.14 million.

In a note today, Public Bank Investment Research said the local bourse was also lifted by the fact that the European equity markets had edged higher on Monday, as the strong economic data from China vied with concerns over a double-dip recession in the United Kingdom and the Eurozone.

"Chinese markets had been lifted by news that the world's second-biggest economy grew 6.5 per cent in the fourth quarter of 2020 -- a faster rate than before the pandemic, and above expectations," said the research firm.

Meanwhile, Malacca Securities in a note said the prime minister's announcement of the RM15 billion PERMAI package might boost the market, although investors' sentiment may remain cautious ahead of Bank Negara Malaysia's Monetary Policy Committee meeting.

Among the heavyweights, Maybank rose 10 sen to RM8.18, Public Bank added 12 sen to RM21.10, while PetChem was flat at RM7.28.

Tenaga decreased two sen to RM10.06 and Top Glove receded three sen to RM6.31.

Of the actives, Vsolar was flat at four sen, while ARB, KTG and Kanger rose one sen each to 28.5 sen, 28 sen and 15.5 sen, respectively.

On the index board, the FBM Emas Index gained 25.52 points to 11,654.48, the FBMT 100 Index expanded 23.25 points to 11,379.06, and the FBM Emas Shariah Index was 15.05 points higher at 13,186.85.

The FBM 70 rose 20.4 points to 14,888.46 and the FBM ACE improved 55.52 points to 10,943.89.

Sector-wise, the Financial Services Index rebounded 79.39 points to 14,881.62, the Industrial Products and Services Index was up 0.31 of-a-point to 178.55 and the Plantation Index rose 51.27 points to 7,350.58.

-- BERNAMA