Bursa Malaysia opens higher despite mixed Wall Street performance

Bursa Malaysia opens higher despite mixed Wall Street performance

KUALA LUMPUR,. Bursa Malaysia opened higher today after the extended Raya break, despite a mixed performance on Wall Street overnight.

At 9.02am, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 1.39 points to 1,423.50 from Thursday’s close of 1,422.11.

The barometer index opened 0.16 of a point higher at 1,422.27.

Bursa Malaysia Bhd and its subsidiaries were closed on Friday, April 21, 2023, and Monday, April 24, 2023, in conjunction with the Hari Raya Aidilfitri holiday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the FBM KLCI to see sporadic bargain-hunting activities today following selling pressure since last Tuesday.

“Therefore, we expect the index to hover within the 1,420-1,430 range today with buying interest seen returning to energy and plantation stocks today,” he told Bernama.

Malacca Securities Sdn Bhd agreed that the energy sector may still be favoured by traders as crude oil prices remained resilient above the psychological US$80 level.

“Investors may turn away from technology stocks ahead of the technology earnings week in the US.

“We expect traders to shift their trading tone towards stocks with defensive characteristics such as utilities and telecommunications,” it said in a research note today.

Market breadth was positive with gainers leading decliners 135 versus 118, while 210 counters were unchanged, 1,835 untraded and 19 others suspended.

Turnover stood at 75.98 million units worth RM39.48 million.

Among the heavyweight counters, Maybank was flat at RM8.70 while Public Bank, CelcomDigi and Tenaga rose three sen, four sen and two sen, respectively, to RM3.96, RM4.42, and RM8.92.

Petronas Chemicals fell four sen to RM7.16 and CIMB decreased five sen to RM5.14.

As for the actives, Jade Marvel inched up one sen to 28.5 sen, Salutica rallied 6.5 sen to 88 sen but Top Glove slid one sen to RM1.02 and XL Holdings was flat at 78 sen.

On the index board, the FBM Emas Index gained 7.18 points to 10,458.14, the FBMT 100 Index bagged 7.43 points to 10,143.14 and the FBM Emas Shariah Index increased 12.84 points to 10,788.16.

The FBM ACE Index was 13.27 points higher at 5,356.76 but the FBM 70 index fell 0.31 of a point to 13,644.90.

Sector-wise, the Industrial Products and Services Index shaved 0.65 of a point to 172.51, the Financial Services Index rose 20.59 points to 15,686.45 while the Plantation Index went up 32.36 points to 6,865.88. ― Bernama

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