Bursa opens higher on elevated commodity prices

TheEdge Wed, Mar 02, 2022 09:43am - 3 months View Original

KUALA LUMPUR (March 2): Bursa Malaysia opened higher on Wednesday (March 2), boosted by elevated commodity prices and net buying by foreign funds, a dealer said.

At 9.05am, the benchmark FBM KLCI had risen 8.03 points to 1,604.47 from 1,596.44 at Tuesday's close.

The index opened 4.69 points better at 1,601.13. 

Market breadth was positive with gainers edging past losers 174 to 161, while 222 counters were unchanged, 1,690 untraded and 18 others suspended

Turnover stood at 167.07 million units worth RM96.86 million.

In a note on Wednesday, Malacca Securities Sdn Bhd said investors may see trading interest in plantation counters amid the shortfall in sunflower oil if the tension between Russia and Ukraine continues to escalate.

“We expect volatility to persist and profit-taking activities may continue on the local front with the ongoing geopolitical incident,” it said.

It also believes that energy, metal-related and consumer stocks are still among the top sectors to watch.

“As such, support is set around 1,570-1,580, while resistance is located around 1,615," it added.

Bursa heavyweights Malayan Banking Bhd (Maybank) rose five sen to RM8.95, Petronas Chemicals Group Bhd (PetChem) added 19 sen to RM9.79, Press Metal Aluminium Holdings Bhd gained two sen to RM6.81, Public Bank Bhd stayed at RM4.42 and IHH Healthcare Bhd lost one sen to RM6.56. 

As for the actives, Bioalpha Holdings Bhd gained 1.5 sen to 16.5 sen, Hibiscus Petroleum Bhd firmed three sen to RM1.25 and KNM Group Bhd inched up half a sen to 16 sen. 

On the index board, FBM ACE increased 18.24 points to 5,890.59, FBM 70 expanded 34.28 points to 13,554.30, FBM Emas Index widened 51.14 points to 11,421.99, FBMT 100 Index inched up 49.60 points to 11,099.09 and FBM Emas Shariah Index was 53.80 points higher at 12,145.29.

Sector-wise, the Financial Services Index bagged 106.32 points to 16,555.00, whereas the Industrial Products and Services Index improved 1.41 points to 211.23, while the Plantation Index gained 107.51 points to 8,431.33.

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