Bursa Malaysia spurs on lockdown easing, oil price rally
Trading on the bourse took on a frenetic pace as 6.7 billion shares exchanged hands over the morning session for a value of RM2.43bil ($0.56bil)
Bursa Malaysia rallied on an upswing in global sentiment as economies around the world lifted their restrictions on expectations that the worst of the Covid-19 pandemic had passed.
At 12.30pm, the FBM KLCI rose 9.98 points to 1,413.42.
According to CGS-CIMB research, the index remains trading in range and below the 1,418 breakout level.
Failure to close above 1,418 in the upcoming week would imply that the bears are more likely to take control, it said.
A break below the 1,367 swing low would further enhance our view that the index has reversed and the next leg down is underway, it added.
Trading on the bourse took on a frenetic pace as 6.7 billion shares exchanged hands over the morning session for a value of RM2.43bil ($0.56bil).
The active trading put the bourse on track to breaking the daily trading volume record of 9.59 billion set last Wednesday as investors flocked to buying up small caps amid the volatile environment.
Oil and gas counters were once again subject to investor attention as oil prices jumped on hopes that the easing lockdowns would revive global demand.
Top active stocks were Icon surging five sen to 12.5 sen, Bumi Armada rising 6.5 sen to 26 sen and Velesto jumping three sen to 17 sen.
Runner-ups included KNM gaining six sen to 24 sen and Hibiscus Petroleum adding 6.5 sen to 64.5 sen.
Among the index-linked counters, gainers included Maybank up six sen to RM7.46 ($1.71), Petronas Chemicals jumping 11 sen to RM5.67 ($1.30) and Public Bank adding four sen to RM15.38 ($3.52).
IHH Healthcare gained six sen to RM5.55 ($1.27) while Genting rose six sen to RM4 ($0.92).