Total Views: 171
Strong buying sentiment drives CPO uptrend at RM4,200
calendar03-04-2024 | linkFree Malaysia Today | Share This Post:

01/04/2024 (Free Malaysia Today), Kuala Lumpur - Bursa Malaysia opened higher on Monday supported by buying interest in most sectors, said analysts.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects sentiment to remain soft today with the index hovering within the 1,530-1,540 range despite strong buying interests seen in the financial and telecommunications sectors last Friday.

On the commodity market, Thong said the crude palm oil (CPO) continued with its uptrend at around RM4,200 per tonne in line with the strength of other edible oils.

As for crude oil, Brent crude closed at US$87 per barrel amid a better economic environment and production cuts by the Organisation of the Petroleum Exporting Countries Plus (Opec+) and many anticipate the price to surpass US$90 per barrel soon.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.39 points to 1,538.46 from last Friday’s close of 1,536.07.

The benchmark index opened 1.43 points higher at 1,537.50.

On the broader market, gainers led decliners 224 to 126 while 314 counters were unchanged, 1,609 untraded and eight others suspended.

Turnover amounted to 160.24 million units worth RM62.56 million.

Among the heavyweight counters, Telekom Malaysia rose 7.0 sen to RM6.06, Sime Darby and IOI Corp added 2.0 sen each to RM2.62 and RM4.00, Sime Darby Plantation increased 3.0 sen to RM4.34, and Petronas Chemicals Group gained 4.0 sen to RM6.75.

Among the actives, Sapura Energy eased half-a-sen to 4.5 sen, Handal Energy up by 1.5 sen to 10 sen, MMAG was flat at 19 sen and Sealink garnered 1.0 sen to 20.5 sen.

On the index board, the FBM Emas Index edged up 20.57 points to 11,592.16, and the FBMT 100 Index increased by 19.32 points to 11,237.41, and the FBM Emas Shariah Index gained 20.80 points to 11,664.32.

The FBM 70 Index rose by 38.55 points to 16,272.63 and the FBM ACE Index climbed 8.05 points to 4,905.11.

Sector-wise, the Industrial Products and Services Index rose 0.54 of-a-point to 180.17, the Financial Services Index improved by 22.32 points to 17,295.59, the Plantation Index went up 29.60 points to 7,317.27, and the Energy Index advanced 4.76 points to 957.12.