Bargain hunting lifts Bursa Malaysia to open higher

BURSA Malaysia opened higher on Friday supported by mild bargain hunting.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.52 points to 1,443.37 from Thursday’s close of 1,442.85.

The barometer index opened 1.12 points better at 1,443.97.

There are 153 gainers, and 139 losers, while 241 counters were unchanged, 1,804 untraded and 36 others suspended. 

Turnover amounted to 153.35 million units worth RM58.78 million.

At home, Rakuten Trade equity research vice-president Thong Pak Leng said with the benchmark index near an oversold level, bargain hunting may further occur.

“Despite this, investors are advised to stay vigilant due to rising global volatility and uncertainties.

“We anticipate the FBM KLCI to trend higher within the 1,440-1,450 range today,” he noted.

In overseas markets, investors are awaiting the outcome of the crucial non-farm payroll later tonight after the initial job claims data and softer job openings.

Among the heavyweights, Maybank, Public Bank and IHH were untraded at RM9.01, RM4.26 and RM5.82, respectively.

CIMB lost two sen to RM5.74 and Tenaga Nasional bagged two sen to RM9.92.

Among the most active counters, Asdion rose 1.5 sen to 8.5 sen, Sarawak Consolidated eased three sen to 78 sen and Vizione added one sen to 6.0 sen.

On the index board, the FBM Emas Index recovered 6.41 points to 10,625.50, the FBMT 100 Index improved 5.74 points to 10,296.88 and the FBM Emas Shariah Index advanced 15.78 points to 10,743.84.

The FBM 70 Index perked 16.55 points to 13,893.79 and the FBM ACE Index was 11.61 points higher at 5,076.34.

Sector-wise, the Financial Services Index lost 9.96 points to 16,325.78 while the Energy Index edged down 1.04 points to 787.08.

The Plantation Index increased by 0.11 of-a-point to 6,954.52 and the Industrial Products and Services Index put on by 0.11 of-a-point to 169.08. — BERNAMA