Bursa Malaysia opens lower before turning higher

KUALA LUMPUR,. Bursa Malaysia’s key index opened lower but turned higher soon after, lifted by selected heavyweights.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.67 points to 1,591.75 from Friday’s close of 1,588.08. It opened 1.31 points easier at 1,586.77.

On the broader market, gainers led losers 189 to 187, while 283 counters were unchanged, 1,631 untraded and 15 others suspended.

Turnover amounted to 197.11 million units worth RM100.25 million.

Malacca Securities Sdn Bhd, in a research note, said the local bourse might continue to trade sideways for the week amid a dearth of fresh leads as investors awaited details on Budget 2022 to be tabled on Friday.

Meanwhile, the recovery-themed sectors might gain momentum as bargain-hunting activities may emerge on the back of brighter economic prospects, added the brokerage.

“We believe the recent pullback of some recovery theme sectors will be a good opportunity for bargain hunting. Investors may focus on banking, property, and consumer-related stocks as well as construction sector ahead of Budget 2022,” it added.

Among the heavyweights, Maybank rose three sen to RM8.18, Public Bank gained one sen to RM4.24, and TNB and CIMB added three sen each to RM9.79 and RM5.26, respectively.

Meanwhile, Petronas Chemicals was flat at RM8.81, IHH Healthcare shed seven sen to 6.53, and Press Metal fell three sen to RM5.72.

Of the actives, Fitters Diversified increased 1.5 sen to 43 sen, Destini edged up half-a-sen to 25 sen, Gagasan Nadi rose one sen to 33.5 sen, and Opcom was flat at RM1.33, while Tanco and Hubline inched down half-a-sen each to 25.5 sen and four sen, respectively.

On the index board, the FBM Emas Index climbed 22.60 points to 11,732.0, the FBMT 100 Index advanced 21.27 points to 11,361.06, the FBM Emas Shariah Index went up 15.42 points to 12,804.52, the FBM 70 was 9.76 points higher at 15,386.39, and the FBM ACE added 19.04 points to 7,189.39.

Sector-wise, the Industrial Products and Services Index inched up 0.5 of-a-point to 210.24, the Plantation Index improved 3.33 points to 7,025.27, and the Financial Services Index jumped 58.91 points to 15,776.96. — Bernama

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