Bursa Malaysia rises on the heels of Wall Street optimism


KUALA LUMPUR: The FBM KLCI clambered back above the 1,600-point level following yesterday's dip as a positive performance on Wall Street, especially in technology counters, helped to reaffirm hopes of an economic recovery.

Of late, a resurgence of new Covid-19 infections and lockdown fears have soured Asian market sentiment, dragging on equities.

At 9.03am, the key index was up 3.8 points to 1,600.38, as the market remained caught within a narrow range-bound trading channel.

"We expect the local bourse may take a cue from the rise in the Nasdaq overnight and put the technology sector on radar," said Malacca Securities Research.

Leading gainers on the FBM KLCI included Maybank up two sen to RM8.32, Petronas Chemicals gaining six sen to RM7.85, Axiata rising two sen to RM3.83 and Sime Darby Plantation gaining two sen to RM4.45.

Glove counters saw some slight profit-taking after their recent advance on the back of Kossan's stellar earnings result.

Top Glove was down one sen to RM5.44 and Hartalega fell two sen to RM10.10.

According to Malacca Securities, the outlook on earnings in the glove sector continues to be uncertain.

"The sector may see some pullback due to concerns over glove's ASP on the back of the ongoing Covid-19 vaccination programm," it said.

Among active stocks on Bursa, Key Asic rose two sen to 23 sen, Technax added two sen to 15 sen and UCrest rose five sen to 53.5 sen.
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Bursa Malaysia , FBM KLCI , equities

   

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