Positive Developments In China Help Exchanges Open Higher

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 At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 2 points at 1,539.83 from Friday's close of 1,537.83.


The index opened 1.34 points strong at 1,551.24.


The bourse opened higher after tracking positive overnight sentiment from China that would loosen the Covid-19 blockade further boost investor appetite.


On the broader market, investors saw gainers at 152 outnumbering losers at 133, while 258 counters were unchanged, 1,712 untraded and 9 suspended.


Total turnover at 202.12 million units worth RM67.43 million.



A note from Malacca Securities Sdn Bhd stated that the KLCI declined for 3 consecutive sessions as investors were seen taking advantage of the heavyweights of banking, technology and energy.


He commented that the exchange was in readiness for a modest recovery as a result of support of bargain-hunting activities on commodity and technology stocks despite the problem of inflation and the Russian-Ukrainian crisis remained protracted.


Heavyweights saw Malayan Banking Bhd (Maybank), Public Bank Bhd and IHH Healthcare Bhd up 1 sen at RM8.89, RM4.59 and RM6.51 while Petronas Chemicals Group Bhd and CIMB Group Holdings Bhd were down 1 sen at RM9.98 and RM5.09.


Active stocks saw Yew Lee Pacific Group Bhd making its debut in ACE Market add 1 sen at 29 sen, G3 Global Bhd reached 1.5 sen at 6 sen, Cocoaland Holdings Bhd rose 17 sen at RM1.45 and Serba Dinamik Holdings Bhd jumped 0.5 sen at 12 sen while Iris Corp Bhd declined 0.5 sen to 16.5 sen.


On the index board, the FBM Emas index rose 22.13 points at 11,035.07, the FBMT 100 index added 13.5 points at 10,716.23, the FBM Emas Shariah index peaked 22.01 points at 11,386.50 and the FBM 70 collected 15.23 points at 13,339.42 while the FBM ACE declined 4.83 points at 5,267.12.


In terms of sector, the Financial Services index drove 40.16 points at 16658.95, the Plantation index added 31.87 points at 7,943.50 while the Products and Services Industry index declined 0.12 points at 199.65.

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