FBM KLCI extends winning streak for fourth session on red hot performance by Press Metal

 Publish date: Fri, 8 Oct 2021, 8:03 PM

KUALA LUMPUR: Bursa Malaysia extended its winning streak for the fourth day today as positive market sentiment on strong commodity prices and growing optimism over economic recovery lifted the risk appetite for equities and riskier assets, dealers said.
The FTSE Bursa Malaysia KLCI (FBM KLCI) ended 2.61 points firmer at 1,563.9, compared with 1,561.29 at Thursday's close.
The bellwether index, which opened 0.86 of-a-point better at 1,562.15, fluctuated between 1,558.56 and 1,567.3 throughout the session.
Press Metal was the biggest winner among the index-linked counters with a 3.22 per cent jump and contributed a substantial 2.754 points to the Composite Index.
The aluminium smelter's share soared 19 sen to RM6.09 with 8.16 million shares changing hands on anticipation that the company might benefit from expected higher global aluminium prices and a hike in smelting capacity following an expansion in the Samalaju project.
On the broader market, gainers led decliners 610 to 452, while 439 counters were unchanged, 768 untraded, and 26 others suspended.
Turnover increased to 4.99 billion units worth RM3.34 billion, from 4.09 billion units valued at RM2.98 billion on Thursday. 
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said FBM KLCI has surpassed its 1,550 resistance level and the uptrend would likely continue towards the next resistance level of 1,580, followed by the psychological level of 1,600.
"Sentiment in the market is getting better (on firmer commodity prices), plus the rally in regional markets also created better investor sentiment," he told Bernama, adding that immediate support is located at 1,550, followed by 1,530.
Thong said plantation stocks would remain favourites for time being given the high crude palm oil (CPO) prices.
"Most analysts have not upgraded their CPO forecasts and the current CPO price is much higher than analysts' (current) estimates. Therefore, the chances of plantation companies beating analyst forecasts are very high. That is why investors are taking their position to buy now even though analysts have not upgraded them," he explained.
The price of CPO futures is expected to set another new high today, with the benchmark palm oil contract for December 2021 currently trading at 4,937.0 per tonne, compared with RM4,872 per tonne recorded on Wednesday's close. 
Among the heavyweights, Maybank, Public Bank, Petronas Chemicals and IHH were flat at RM8.05, RM4.08, RM8.68, and RM6.63, respectively, while TNB shed two sen to RM9.71 and CIMB gained four sen to RM4.90.
Of the actives, SC Estate trimmed five sen to 11.5 sen, Freight Management increased 20 sen to RM1.06, Opcom increased 16 sen to RM1.62, and CEKD advanced 18 sen to 80 sen.
On the index board, the FBM Emas Index was 28.54 points higher at 11,501.76, the FBMT 100 Index gained 27.25 points to 11,158.17, the FBM Emas Shariah Index picked up 31.5 points to 12,639.69, the FBM 70 soared 70.57 points to 15,095.42, and the FBM ACE picked up 3.32 points to 7,140.42.  
Sector-wise, the Financial Services Index increased 13.22 points to 15,212.56, the Industrial Products and Services Index added 1.81 points to 209.46 while the Plantation Index bagged 4.14 points to 6,965.03.
 - Bernama
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