Bursa opens higher on Wall Street rebound 

KUALA LUMPUR • Bursa Malaysia opened on a positive note in the early morning session, tracking the strong rebound on Wall Street overnight, a dealer said. 

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 7.02 points to 1,404.64 from yesterday’s close of 1,397.62.

The benchmark index opened 6.14 points better at 1,403.76.

On the broader market, gainers led losers 282 to 62, while 156 counters were unchanged, 1,853 untraded, and 30 others suspended.

Turnover stood at 119.91 million units worth RM68.64 million.  

Malacca Securities Sdn Bhd reckons that regional markets, including the local bourse, should trade higher today given the sharp rebound on Wall Street yesterday. 

“Nevertheless, the rebound may sit on shaky ground due to lingering global recession fears and lack of fresh positive catalysts. Investors may take the opportunity to sell into strength,” it said in a research note.

Commodities-wise, crude oil signalled a comeback to trade above US$88 (RM409.20) per barrel, while the crude palm oil price hovered around RM3,480 per tonne.

“The rising crude oil may lift energy counters over the near term. Also, with the rebound in Nasdaq, technology stocks should be on the radar,” the brokerage added.

Back home, the brokerage believes solar-related stocks, as well as construction and telecommunication counters, may see some buying interest ahead of the tabling of Budget 2023 last Friday.

It sees Bursa’s resistance level from 1,410 to 1,430 and support at 1,365 to 1,370.

Meanwhile, Bursa heavyweights Malayan Banking Bhd, Public Bank Bhd, and Petronas Chemicals Group Bhd gained one sen each to RM8.61, RM4.26, and RM8.40 respectively. 

CIMB Group Holdings Bhd added five sen to RM5.17, while IHH Healthcare Bhd slid three sen to RM5.86. 

Of the actives, Vinvest Capital Holdings Bhd improved one sen to 19.5 sen, Pertama Digital Bhd pushed up two sen to RM1.55, and Cnergenz Bhd climbed 4.5 sen to RM1.04. Scomi Energy Services Bhd grew by 2.5 sen to seven sen while SNS Network Technology Bhd was flat at 27 sen. 

On the index board, the FBM Emas Index widened 58.14 points to 10,025.54, the FBM 70 expanded 97.66 points to 12,186.45, and the FBM T100 Index perked up 55.89 points to 9,778.85. The FBM Emas Shariah Index rose 67.24 points to 10,062.34 and the FBM ACE bagged 22.03 points to 4,674.14.    

Sector-wise, the Energy Index was 13.05 points better at 687.30, the Financial Services Index edged up 40.12 points to 15,983.33, and the Industrial Products and Services Index increased 1.01 points to 169.67. The Plantation Index grew 16.13 points to 6,525.12. — Bernama / pic Muhd Amin Naharul

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