Bursa Malaysia opens lower but then turns slightly higher

by Theleaders-Online | January 4, 2023 4:34 am

KUALA LUMPUR: Bursa Malaysia opened lower but turned slightly higher soon after on improved buying appetite.

At 9.29am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.45 of-a-point to 1,474.44 from yesterday’s closing of 1,473.99.

The market bellwether opened 1.14 points lower at 1,472.85.

On the broader market, gainers edged losers 225 to 201, while 275 counters were unchanged, 1,513 untraded and 13 others suspended.

Turnover amounted to 500.95 million units worth RM185.38 million.

Malacca Securities Sdn Bhd said the pullback in the local bourse yesterday could be deemed as a healthy pullback and bargain-hunting activities should pick up in undervalued stocks although worries over the Covid-19 sub-variants may continue to weigh on investor sentiment.

“Still, we believe the reopening of China’s travel borders may provide decent growth for most of the global economies with another round of pent-up demand,” it said in a note yesterday.

The brokerage firm noted that it maintained a positive stance on the oil and gas and plantation sectors as the underlying commodity prices remained firm and should lift the sectors.

“Besides, the tourism sector may see a turnaround with traveling activities picking up amid the reopening of China’s borders. Meanwhile, the healthcare sector could see some trading interest on anxiety over the Covid-19 variants,” said Malacca Securities.

Among the heavyweights, Public Bank gained three sen to RM4.31, CIMB rose four sen to RM5.74, TNB was one sen higher at RM9.31, Maybank eased three sen to RM8.68, Petronas Chemicals trimmed 13 sen to RM8.47, and IHH Healthcare shed one sen to RM6.

As for the actives, Hong Seng Consolidated edged up half-a-sen to 22.5 sen, L&P Global increased three sen to 57.5 sen, Cypark advanced two sen to 54 sen, Lion Industries improved 1.5 sen to 40 sen, and Citaglobal was flat at 33 sen.

On the index board, the FBM Emas Index perked up 3.57 points to 10,590.92, the FBMT 100 Index gained 1.87 points to 10,303.29, and the FBM Emas Shariah Index narrowed 11.60 points to 10,785.23.

The FBM 70 Index slipped 3.20 points to 13,000.59 and the FBM ACE Index declined 11.74 points to 5,325.41.

Sector-wise, the Financial Services Index improved 57.28 points to 16.416.57, the Plantation Index slid 3.06 points to 6,970.77, the Industrial Products and Services Index gave up 1.06 points to 180.84, and the Energy Index shaved 0.03 of-a-point to 781.32. ― Bernama

Source URL: https://theleaders-online.com/bursa-malaysia-opens-lower-but-then-turns-slightly-higher/