Investors may shrug off some recession fears in the near term to position themselves in the ongoing 3Q reporting season on Wall Street

BURSA Malaysia opened slightly higher today, boosted by mild buying momentum in selected heavyweights.  

At 9.27am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.04 points to 1,402.4 from yesterday’s closing of 1,400.36. The key index opened 2.32 points higher at 1,402.68. 

On the broader market, gainers surpassed decliners 233 to 170, while 260 counters were unchanged, 1,699 untraded and 18 others suspended.

Turnover stood at 315.96 million units worth RM148.78 million.

Malacca Securities Sdn Bhd said investors may shrug off some recession fears in the near term to position themselves in the ongoing third-quarter (3Q) reporting season on Wall Street.

“Back home, we expect sentiment on the local bourse to stabilise once the 15th General Election official date is announced,” the brokerage said in a research note today.

It added that buying interest may continue to build up in the plantation counters, given the sustained crude palm oil price, while the technology sector may extend its rally as buying interest has been seen in Nasdaq.

“Meanwhile, we continue to like solid consumer and healthcare stocks,” Malacca Securities said. 

Among the heavyweights, CIMB Group Holdings Bhd increased seven sen to RM5.32 and Maxis Bhd climbed four sen to RM3.50, while Press Metal Aluminium Holdings Bhd, Malayan Banking Bhd, Public Bank Bhd and IHH Healthcare Bhd added two sen each to RM3.50, RM4.23, RM8.53 and RM4.22, respectively. 

Of the actives, Harvest Miracle Capital Bhd edged up half-a-sen to 14 sen, Careplus Group Bhd grew two sen to 44.5 sen, UEM Sunrise Bhd advanced 1.5 sen to 20.5 sen, while Hiap Huat Holdings Bhd, Top Glove Corp Bhd and Hong Seng Consolidated Bhd were flat at 16 sen, 74 sen and 27 sen, respectively.  

On the index board, the FBM Emas Index strengthened by 13.14 points to 9,988.04, the FBM 70 improved by 19.41 points to 12,025.56, the FBM T100 Index increased by 14.51 points to 9,736.26, the FBM Emas Shariah Index fell 9.01 points to 10,025.77, and the FBM ACE bagged 2.59 points to 4,755.76.

Sector-wise, the Financial Services Index was 75.29 points higher at 15,968.62, the Industrial Products and Services Index rose 0.49 of-a-point to 171.35, the Plantation Index eased 7.23 points to 6,609.44, and the Energy Index fell 3.39 points to 667.38. — Bernama / pic TMR