Bursa Malaysia opens marginally higher on bargain hunting

Nevertheless, global investors may remain cautious ahead of the US inflation data due tomorrow

BURSA Malaysia opened marginally higher today, buoyed by bargain-hunting activities after the recent selldown which was triggered by global market uncertainties, a dealer said.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.94 of-a-point to 1,387.76 from yesterday’s close of 1,386.82.

The benchmark index opened 1.46 points higher at 1,388.28.

On the broader market, gainers surpassed decliners 166 to 109, while 208 counters were unchanged, 1,875 untraded and 17 others suspended.

Turnover stood at 142.22 million units worth RM63.98 million.

In a research note, Malacca Securities Sdn Bhd said bargain hunting emerged as traders looked for defensive consumer stocks to weather through the volatility on the global front.

“Nevertheless, global investors may remain cautious ahead of the US inflation data due tomorrow, and the local bourse will likely stay on a negative bias without any fresh catalysts,” it said.

Among the Bursa heavyweights, Malayan Banking Bhd rose four sen to RM8.48, Public Bank Bhd gained two sen to RM4.22 and CIMB Group Holdings Bhd inched up one sen to RM5.30, while Petronas Chemicals Group Bhd lost two sen to RM8.57 and IHH Healthcare Bhd fell six sen to RM5.59.

Of the actives, Privasia Technology Bhd rose two sen to 13 sen, Tanco Holdings Bhd and Vinvest Capital Holdings Bhd stayed flat at 30 sen and 19.5 sen, respectively, while SNS Network Technology Bhd and Impiana Hotels Bhd added half-a-sen to 25 sen and two sen, respectively.

On the index board, the FBM Emas Index gained 9.8 points to 9,910.67, the FBM 70 went up 17.9 points to 12,050.67, the FBM T100 Index improved 8.4 points to 9,663.39, the FBM Emas Shariah Index trimmed 15.38 points to 9,895.4, and the FBM ACE added 3.72 points to 4,656.56.

Sector-wise, the Financial Services Index was 60.37 points higher at 15,945.51, the Industrial Products and Services Index eased 0.48 of-a-point to 170.11, the Plantation Index edged down 20.04 points to 6,355.71, and the Energy Index reduced by 2.95 points to 672.81. — Bernama / pic TMR File