Bursa Malaysia returns to black after volatile trading

(MMO) – Bursa Malaysia returned to the black after a volatile two-hour session backed by encouraging performance of healthcare bluechips.

At 11am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 6.34 points to 1,330.84 from yesterday’s close of 1,324.50.

On the broader market, gainers trumped losers 402 to 222, with 288 counters unchanged, 1,207 untraded and 26 others suspended.

Turnover amounted to 1.14 billion shares worth RM650.88 million.

Healthcare stocks have been outperforming since the outbreak of Covid-19 hit the global market in mid-January while other stocks such as commodity as well as finance have been under pressure.

Prime Minister Tan Sri Muhyiddin Yassin yesterday announced an extension of the Movement Control Order until April 14 to further curb the rising toll of the pandemic virus which has claimed 20 lives so far in the country.

Healthcare heavyweights Hartalega rose 21 sen to RM6.90, IHH was two sen higher at RM5.12 while Top Glove was flat at RM6.20.

Utility provider Tenaga meanwhile upticked 14 sen to RM12.24 as it is expected to post better earnings for its next quarterly performance.

As for top gainers, consumer products and services stocks were in the limelight with F&N gaining RM1.10 to RM30.80 while Nestle went up by 90 sen to RM136.4 and Panasonic Manufacturing added 40 sen to RM24.80.

On the index board, the FBM Emas Index surged 70.56 points to 9,058.63, the FBM 70 gained 188.43 points to 10,220.81 and the FBM Emas Shariah Index garnered 101.17 points to 9,872.03.

The FBMT 100 Index increased 68.94 points to 8,998.18 and the FBM Ace rose 33.10 points to 3,691.37.

Sector-wise, the Industrial Products and Services Index added 0.71 point to 101.69, the Plantation Index declined 14.69 points to 5,999.12 and the Financial Services Index was 13.76 points better at 12,162.18.