Bursa Malaysia ends higher, boosted by healthcare, tech counters

KUALA LUMPUR: Bursa Malaysia has rebounded from its sharp fall Monday to end higher yesterday, boosted by bargain hunting in healthcare and technology stocks.

At the close, benchmark index the FTSE Bursa Malaysia KLCI ( FBM KLCI) rose by 5.74 points to close at 1,500.35 after opening at 1,492.11.

The market had moved within a tight range throughout the day, traversing between 1,489.98 and 1,504.55.

On the scoreboard, advancers trounced laggards 620 to 375, while 444 counters were unchanged, 732 untraded and 42others suspended.

Total volume declined to 4.71 billion shares worth RM4.10 billion from yesterday’s 5.80 billion shares worth RM4.71 billion.

The healthcare index increased by 2.84 per cent to 4,118.91, while the technology index was 1.28 per cent higher at 61.60 points.

An analyst said the rise in the healthcare index was mainly driven by glove counters, as the world braced for the third wave of Covid-19 infections.

“Some countries have reimplemented curfews and movement control, which contributed to the rise in the index. However, the gains are capped by the absence of retail investors,” she said.

On KLCI components as well as technology stocks, she said that bargain hunting is imminent as the Relative Strength Index is in the oversold position.

“The immediate resistance for FBM KLCI remains at 1,510 with support at 1,480. The market is also expected to remain muted until Budget 2021 is tabled,” she said.

Of the heavyweights, Hartalega and Top Glove continued to be the top composite index contributors, rising by 60 sen and 21 sen to RM18.28 and RM8.91, respectively.

Together with Supermax, the glove counters were among the top gainers throughout the day, boosting the healthcare index, followed by Malaysian Pacific Industries ( MPI) and KESM which contributed to the rise in the technology index.

Supermax added 57 sen to RM9.78, and all of its warrants also recorded gains, while MPI rose 74 sen to RM22.54 and KESM climbed 78 sen to RM9.00.

On the index board, the FBM Emas Index added 58.52 points to 10,868.07, the FBMT 100 Index was 56.57 points higher at 10,676.11 and the FBM Emas Shariah Index climbed 91.96 points to 13,035.49.

The FBM 70 rose 137.08 points to 14,333.04, while the FBM ACE shed 188.14 points to 10,035.33.

The Financial Services Index inched up 6.43 points to 12,312.92, the Industrial Products and Services Index was 0.51 of-apoint higher at 144.74, while the Plantation Index slipped 18.80 points to 6,941.57.