Bursa Malaysia opens higher on stronger oil prices

BURSA Malaysia opened higher this morning, supported by stronger oil prices and bargain hunting activities ahead of the tabling of Budget 2023 which is scheduled for Friday, a dealer said. 

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) improved 6.9 points to 1,416.26 from Tuesday’s close of 1,409.36.

The benchmark index opened 4.31 points better at 1,413.67.

On the broader market, gainers led losers 262 to 60, while 176 counters were unchanged, 1,832 untraded and six others suspended.

Turnover stood at 226.75 million units worth RM63.55 million. 

In a note, Malacca Securities Sdn Bhd said the local bourse may be set for further recovery after witnessing further gains yesterday, boosted by selected telecommunication, consumer and banking heavyweights, while foreign funds turned net buyers after 14 sessions of selloffs.

“We opine that the buying momentum in telecommunications, solar-related and selected consumer stocks are likely to sustain towards the tabling of Budget 2023. 

“Meanwhile, investors may put energy stocks on their radar with the rebound in crude oil price,” the brokerage said in a statement today. 

Brent crude surged to above US$91 (RM422.24) per barrel after the American Petroleum Institute reported a surprise draw, while the crude palm oil price hovered above RM3,750 per tonne.

In view of the overnight rally on Wall Street’s Nasdaq, Malacca Securities said the investors may also see follow-through buying interest in the technology counters.

As such, it anticipated the resistance to be at 1,430-1,450, while the support is set along 1,400 today.

Meanwhile, Bursa heavyweights Malayan Banking Bhd and CIMB Group Holdings Bhd gained two sen each to RM8.70 and RM5.25, respectively, Public Bank Bhd added five sen to RM4.32 and Petronas Chemicals Group Bhd increased four sen to RM8.43, while IHH Healthcare Bhd was flat at RM5.85. 

Of the actives, MMAG Holdings Bhd bagged two sen to 5.5 sen, ATA IMS Bhd edged up half-a-sen to 31.5 sen, Hibiscus Petroleum Bhd climbed 4.5 sen to 91.5 sen, while both SNS Network Technology Bhd and Xidelang Holdings Ltd were flat at 27 sen and two sen, respectively. 

On the index board, the FBM Emas Index advanced 49.98 points to 10,100.89, the FBM 70 earned 60.53 points to 12,241.24, and the FBM T100 Index grew by 48.15 points to 9,850.98, the FBM Emas Shariah Index rose 52.9 points to 10,122.44, and the FBM ACE strengthened 40.86 points to 4,749.86.     

Sector-wise, the Energy Index was 12.35 points firmer at 696.87, the Financial Services Index expanded 60.58 points to 16,152.01, the Industrial Products and Services Index edged up 1.05 points to 170.91 and the Plantation Index was 23.91 stronger at 6,461.97. — Bernama / pic MUHD AMIN NAHARUL

 
 

RELATED ARTICLES

Wednesday, March 25, 2020

Rebound in KLCI clouded by recession fears

Tuesday, February 9, 2021

Nazir Razak joins PLS Plantations board

Thursday, November 24, 2022

Bursa Malaysia rises as sentiment improves