Bursa extends lead as bank, energy rally continues

KUALA LUMPUR: Bursa Malaysia extended its lead on Wednesday after the benchmark FBM KLCI recaptured the 1,600 psychological resistance on Monday on continued positivity over the recovering economy.

At 9.05am, the country's key index was up 5.06 points to 1,611.03 as it was lifted further by financial heavyweights.

Among the leading banks, Maybank rose three sen to RM8.34, Public Bank gained two sen to RM4.25, CIMB climbed three sen to RM5.33 and Hong Leong Bank added four sne to RM18.68.

IHH Healthcare experienced some volatility, oscillating between positive and negative price action during the opening minutes of trade. As at the time of writing, the stock was down five sen to RM6.61.

Meanwhile, Petronas Chemicals continued its advance on the back of higher product selling prices in the fertilisers and methanol division amid the growing cost of fuel.

The petrochemicals major was up eight sen to RM8.83, holding firm against the price of Brent crude futures that hovered above US$85 a barrel.

Other gainers included Tenaga Nasional up five sen to RM9.87 and Petronas Gas rising 20 sen to RM17.16.

Top on the actives list, AirAsia X was unchanged at 9.5 sen, Kanger was flat at five sen and Tanco was also unmoved at 25.5 sen.

Looking ahead, investors may be looking to position themselves ahead of Budget 2022 due to be tabled at the end of the month.

"In line with other recovery theme stocks such as banking and consumer, construction and property sectors could be lifted ahead of Budget 2022," said Malacca Securities Research in a note.

The research house noted that the technical indicators remain positive as the index looks towards the next resistance at 1,620. Support for the index is pegged to 1,580.
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