Bursa Malaysia opens lower but rebounds thereafter

12 Jul 2023 10:06am
Bernama Pix
Bernama Pix
KUALA LUMPUR - Bursa Malaysia opened slightly lower but rebounded thereafter, supported by continuous buying in selected heavyweights amid mixed sentiments on the regional markets, dealers said.

At 9.16 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.36 points to 1,393.82 from 1,391.46 at Tuesday’s close.

The key index opened 1.19 points easier at 1,390.27.

The broader market was also positive as advancers surpassed decliners 194 to 137, while 257 counters were unchanged, 1,670 untraded and 16 others suspended.

Turnover stood at 263.29 million units worth RM114.54 million.

Looking ahead, Malacca Securities said it reckoned that the key index may take a jab towards the 1,400 psychological level as sentiment remains in favour.

"The lower liners are also benefitting with rotational play that was evident across the board, while trading activities gather pace as traders nibble into beaten down stocks.

While investors are anticipating softer US inflation data, this suggests that the monetary tightening cycle may be near its peak and bodes well for the equities market. Meanwhile, the barrage of US corporate earnings releases will be in focus,” it said in a note today.

Among the heavyweights, Maybank, Public Bank and CIMB were flat at RM8.74, RM3.87 and RM5.21, respectively, Tenaga Nasional slipped 1.0 sen to RM9.04 and IHH Healthcare fell 3.0 sen to RM5.85.
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Of the actives, Sarawak Consolidated added 1.0 sen to 49.5 sen, EP Manufacturing improved 2.0 sen to RM1.00, while RGB International and Tanco were flat at 34 sen and 52.5 sen respectively.

On the index board, the FBM Emas Index gained 17.32 points to 10,273.87, the FBMT 100 Index was 16.46 points better at 9,965.36, the FBM ACE Index declined 10.27 points to 5,209.226, the FBM 70 Index improved 20.60 points to 13,544.43 and the FBM Emas Shariah Index increased 16.41 points to 10,560.77.

Sector-wise, the Financial Services Index garnered 28.88 points to 15,495.76, the Plantation Index climbed 10.79 points to 6,912.22 and the Industrial Products and Services Index inched up 0.66 of-a-point to 159.71, while the Energy Index grew 2.25 points to 804.47. - BERNAMA