Bursa opens firmer

Bursa opens firmer

KUALA LUMPUR, Aug 15 — Bursa Malaysia opened firmer today, lifted by buying activities in selected heavyweights and small caps stocks led by Tenaga, while tracking the higher overnight close on Wall Street, dealers said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.25 points higher at 1,785.03 from yesterday’s close of 1,783.78.

The index opened 0.80 of-a-point firmer at 1,784.58.

On the broader market, gainers led losers 164 to 59 with 183 unchanged, 1,477 untraded and 32 others suspended.

Volume stood at 109.96 million units valued at RM49.68 million.

Kenanga Investment Bank Bhd said US markets recovered with investor sentiment lifted by positive corporate earnings, which eased concerns over the implication of Turkey’s financial crisis.

On the local front, it said, coupled with the negative global news surrounding the market, the key index is believed to technically experience a short-term correction and may dive down to 1,750 and 1,720.

“Should the market sentiment improve, resistance can be identified at 1,800 and possibly 1,830,” it said in a research note today.

Meanwhile, Hermana Capital Bhd Chief Executive Officer and Chief Investment Officer Datuk Dr Nazri Khan Adam Khan said investor sentiment remained tense and would undergo a pullback, although the Turkish lira recovered some of its losses yesterday.

“We are monitoring the situation and hope that the crisis will not be a long term contagion as Malaysia is a significant trading partner of Turkey and the country is the 18th largest economy in the world,” he told Bernama.

Among the heavyweights, Tenaga and Petronas Chemicals each rose two sen to RM15.68 and RM9.12 respectively, with Maybank and CIMB each flat at RM9.80 and RM5.85 respectively, while Public Bank fell four sen to RM24.36.

Of actives, Foundpac lost 4.5 sen to 40 sen, Luster bagged half-a-sen to 10.5 sen and Evergreen increased three sen to 61 sen.

IHH and Malaysia Airports (MAHB) stocks which are directly affected by geopolitical concerns over Turkey have stage a rebound following a decline in the past two trading days.

Shares of IHH rose three sen to RM5.44 and MAHB was flat at RM9.35.

The FBM Emas Index recovered 11.52 points to 12,640.29, the FBMT100 Index gained 9.06 points to 12,409.56 and the FBM 70 improved 12.62 points to 15,443.20.

The FBM Emas Shariah Index increased 26.67 points to 12,814.07, but the FBM Ace was 0.54-of-a-point easier at 5,537.12.

Sectorwise, the Finance Index declined 45.17 points to 17,396.60, but the Plantation Index was up 36.13 points to 7,678.53 and the Industrial Index bagged 5.67 points to 3,240.18.

— Bernama