Bursa opens lower but rebounds on bargain hunting
Bursa Malaysia’s key index traded higher today, with bargain hunting expected to support trading, particularly in fundamentally sound blue-chip stocks that have been sold down, after the index closed 1.11 per cent lower on Tuesday.
At 9.19am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) earned 1.0 points, or 0.06%, to 1,680.21 from Tuesday’s close of 1,679.21.
The index opened 1.71 points lower at 1,677.50.
Market breadth was negative, with losers leading gainers 309 to 241. A total of 346 counters were unchanged, 1,960 untraded and 13 suspended.
Turnover stood at 390.15 million shares worth RM201.32 million.
The local bourse was closed yesterday for the Malaysia Day public holiday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that despite expectations of bargain hunting among investors, geopolitical risks and elevated oil prices remain key headwinds.
“We expect the index to trade within the 1,670-1,690 range today,” he said.
Among heavyweights, Maybank added two sen to RM10.44, Public Banks was three sen better at RM4.83, CIMB down one sen to RM7.79, and Tenaga Nasional earned two sen to RM13.34.
As for the top actives, Pioneer Heat was five sen higher at 30 sen, Capital A reduced 1.5 sen to 26 sen, Top Glove was 3.5 sen lower at 77.5 sen, Ni Hsin was one sen higher at 32.5 sen, and AirAsia fell three sen to 61 sen.
Among the top gainers, Nestle was 22 sen higher at RM90.40, MN Holdings’ warrant added 14 sen to RM3.52, YTL Power and UMS Integrated gained 12 sen to RM5.63 and RM8.11, respectively, while Sam Engineering and UWC were one sen better at RM4.12 and RM8.11, respectively.
Of the top losers, Malaysia Pacific Industries shed 56 sen to RM39.14, and Petronas Chemicals was 20 sen lower at RM5. Panasonic and Genting Plantations reduced 15 sen each to RM5.41 and RM5.49, while Sunway Constructions declined 14 sen to RM6.94.
On the index board, the FBM Emas Index added 2.58 points to 12,446.51 and the FBM Top 100 Index accumulated 4.64 points to 12,249.44.
Meanwhile, the FBM Mid 70 Index fell 4.62 points to 17,611.03, the FBM ACE Index erased 0.2 of a point to 5,169.75, and the FBM Emas Shariah Index dropped 17.22 points to 12,285.20.
Sector-wise, the Industrial Products and Services Index edged down 1.42 points to 184.98, and the Energy Index slipped 2.29 points to 819.09.
The Financial Services Index advanced 19.52 points to 19,666.92, and the Plantation Index decreased 37.06 points to 9,489.14.
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