Bursa Malaysia rebounds to open higher

Bursa Malaysia rebounds to open higher

KUALA LUMPUR,. Bursa Malaysia reversed yesterday’s losses to open higher today, supported by renewed buying interest despite softer performance on Wall Street overnight, a dealer said

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.39 points to 1,545.19 from yesterday’s close of 1,538.80.

The index opened 7.18 points higher at 1,545.98.

On the broader market, gainers surpassed losers 306 to 142, while 233 counters were unchanged, 1,562 untraded and 19 others suspended.

Total turnover stood at 284.28 million shares worth RM174.42 million.

Malacca Securities Sdn Bhd said Wall Street ended mostly lower as the Producer Price Index in April 2022 increase suggested that the inflationary pressure was expected to prolong.

“Given the persistent inflation worries, we believe the selling pressure may prolong on Wall Street, translating to spillover selling activities on the technology sector,” it said in a note.

Back home, the local market is expected to see bargain-hunting activities emerging in the recovery-themed and plantation sectors ahead of the reporting season.

“Traders may also focus on the banking sector following the Overnight Policy Rate hike,” it added.

Among the heavyweights, Maybank eased eight sen to RM8.99, Public Bank down one sen to RM4.62, Petronas Chemicals gained eight sen to RM9.95, and IHH Healthcare stayed flat at RM6.45.

Of the actives, Serba Dinamik and Yong Tai added half-a-sen to nine sen and 10.5 sen, respectively, DNeX bagged 2.5 sen to 95.5 sen, while Techna-X remains unchanged at 11.5 sen

On the index board, FBM ACE improved 28.88 points to 5,258.66, FBM Emas Index advanced 36.34 points to 10,989.38, FBMT 100 Index firmed 30.52 points to 10,671.0, FBM Emas Shariah Index ticked up 93.17 points to 11,394.95, while FBM 70 dipped 18.76 points to 12,948.08.

Sector-wise, the Financial Services Index contracted 78.64 points to 16,622.84, the Industrial Products and Services Index was 1.64 points higher at 195.11, and the Plantation Index climbed 145.26 points to 8,167.15. ― Bernama

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