Categories: MarketsNews

Bursa Malaysia opens marginally higher but retreats thereafter

Although buying activities are likely to persist in the banking stocks today, the broad-based sentiment is expected to remain lacklustre

BURSA Malaysia opened marginally higher but retreated thereafter as traders were still weighing on the US Federal Reserve’s battle against inflation amid mixed regional markets sentiment, a dealer said.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched down 0.83 of-a-point to 1,493.90 from yesterday’s close of 1,494.73.

The benchmark index opened 1.02 points firmer at 1,495.75.

However, on the broader market, gainers surpassed losers 142 to 88, while 176 counters were unchanged, 1,899 untraded and nine others suspended.

Turnover stood at 76.19 million units worth RM37.30 million.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said the broad-based sentiment is expected to remain lacklustre, although buying activities are likely to persist in the banking stocks today due to Bank Negara Malaysia’s Overnight Policy Rate (OPR) hike.

The central bank has increased the OPR by 25 basis points to 2.5% at its fifth Monetary Policy Committee meeting yesterday.

Therefore, Thong expects the index to possibly trend within a tight range of between 1,490 and 1,500 today, noting that the plantation sector may face some headwinds as the crude palm oil price continued to slide down due to weaker demand and high inventory level.

Among the heavyweights, CIMB Group Holdings Bhd, Axiata Group Bhd and Maxis Bhd added one sen each to RM5.41, RM2.93 and RM3.83, respectively, and Press Metal Aluminium Holdings Bhd gained three sen to RM5.05, while Public Bank Bhd was flat at RM4.64.

Of the actives, Metronic Global Bhd was unchanged at 4.5 sen, Tanco Holdings Bhd rose 1.5 sen to 27.5 sen, Mi Technovation Bhd increased seven sen to RM1.20 and HB Ltd Global improved half-a-sen to 14 sen, while Vinvest Capital Holdings Bhd lost half-a-sen to 19.5 sen. 

On the index board, the FBM Emas Index was 1.55 points lower at 10,612.35, the FBM T100 Index slipped 2.59 points to 10,361.08 and the FBM Emas Shariah Index reduced 6.60 points to 10,697.77, while the FBM 70 expanded 9.78 points to 12,754.88 and the FBM ACE was 3.20 points stronger at 4,805.30.

Sector-wise, the Plantation Index was 25.73 points weaker at 6,997.47, while the Industrial Products and Services Index gained 0.50 of-a-point to 185.83, the Energy Index rose 1.15 points to 707.65 and the Financial Services Index ticked up 3.61 points to 16,738.67.  — Bernama / pic TMR File

Zukri

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