Bursa posts modest gains in early trade

KUALA LUMPUR – Bursa Malaysia registered slight gains in the early trade on Tuesday despite opening on a weaker note.

At 9.29 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.40 of-a-point to 1,475.08 from Friday’s closing of 1,474.68.

The market bellwether was opened 0.29 of-a-point lower at 1,474.39.

On the broader market, gainers surpassed losers at 255 versus 211, while 298 counters were unchanged, 1,506 untraded and 12 others suspended.

Turnover stood at 456.55 million units worth RM192.39 million.

Malacca Securities Sdn Bhd said the United States (US) stock markets bounced higher on Friday as investors anticipate the US rate hikes to take a breather after the November inflation data showed signs of moderation in prices.

The brokerage firm said the improvement on Wall Street may spill over to the local front, but the upside might be capped amid worries over the impact of fresh COVID-19 outbreaks in China.

On commodities, Brent crude oil price surged above the US$83 per barrel mark, fuelled by tight US supplies, while the crude palm oil price hovered above RM3,800.

“We believe the crude oil price could remain positive above the support level of US$80 over the near term, given the production cut by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) and Russia,’’ it said in a note.

It also projected a short-term positive mood in the technology sector with the rebound in Nasdaq.

Back home, Bursa Malaysia’s heavyweights Maybank eased one sen to RM8.77, Public Bank was four sen lower at RM4.40 and Petronas Chemicals reduced six sen to RM8.34.

Meanwhile, Sime Darby Plantation advanced seven sen to RM4.42, Digi was four sen higher at RM3.88 and Press Metal improved five sen to RM4.73.

Of the actives, Borneo Oil and Industronics were flat at 2.5 sen and nine sen, respectively, while Top Glove added 5.5 sen to 87.5 sen and Berjaya Corporation increased two sen to 30.5 sen.

On the index board, the FBM Emas Index was up by 19.12 points to 10,608.41, the FBM Emas Shariah Index rose 49.22 points to 10,756.94, the FBM 70 Index increased 78.14 points to 13,059.75 and the FBMT 100 Index earned 16.12 points to 10,317.31. 

However, the FBM ACE Index slipped 34.84 points to 5,445.83.

Sector-wise, the Industrial Products and Services Index ticked up 0.15 of-a-point to 179.07 and the Financial Services Index was down by 65.17 points to 16,558.86, while the Plantation Index added 27.62 points to 6,812.85 and the Energy Index was up by 3.46 points to 785.21. – Bernama / pic TMR File