Bursa Malaysia opens marginally higher

Bursa Malaysia opens marginally higher

KUALA LUMPUR: Bursa Malaysia opened marginally higher on Wednesday, tracking the rallies on Wall Street overnight as market consensus points toward a slowdown in inflation in the coming quarters, a dealer said.

At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.07 of-a-point to 1,457.95 from Tuesday’s close of 1,457.88.

The benchmark index opened 3.25 points firmer at 1,461.13.

Market breadth was positive with gainers leading losers 164 to 113, while 235 counters were unchanged, 1,763 untraded and 19 others suspended.

Turnover stood at 220.19 million units worth RM99.86 million.

In a note, Malacca Securities Sdn Bhd said investors were still weighing on recession risks arising from the global inflation, hence traders may adopt the “selling into strength” strategy.

It also said that the announcement on the removal of the ceiling price for chicken and eggs, effective July 2022, should offer some reprieve for the poultry sector.

“Nevertheless, we believe most of the previously bashed down sectors should gain traction, at least for the near term,” it said.

The brokerage also added that investors may scoop up technology shares as buying interest may emerge following the Wall Street’s overnight rally.

Among the heavyweights, Maybank shed two sen to RM8.63, Public Bank slid one sen to RM4.46 and CIMB lost four sen to RM4.92, while Petronas Chemicals was unchanged at RM9.50 and IHH Healthcare added one sen to RM6.50.

Of the actives, Top Glove and Country Heights increased one sen to RM1.09 and 11.5 sen, respectively, while TWL Holdings remained at 7.5 sen, SFP Tech fell two sen to 67.5 sen and Dagang NeXchange eased one sen to 79 sen.

On the index board, FBM Emas Shariah Index strengthened 5.18 points to 10,572.73 and FBM 70 gained 32.04 points to 12,584.47, while FBM Emas Index weakened 6.31 points to 10,388.53, FBM ACE fell 2.44 points to 4,822.54 and FBMT 100 Index shrank 7.52 points to 10,123.78.

Sector-wise, the Financial Services Index was lower by 38.29 points at 16,120.89 and the Plantation Index lost 11.59 points to 7,103.38, while the Industrial Products and Services Index was 0.25 of-a-point stronger at 186.61. — Bernama