Bursa Malaysia opens higher but eases thereafter

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KUALA LUMPUR: Bursa Malaysia opened higher today but drifted lower thereafter amid cautious sentiments.


The 30-stock index eased 0.41 of a point to 1,454.57 at 9.23 am. The index opened 2.98 points higher at 1,457.96.

Overnight, the Dow Jones Industrial Average rose 2.37 points, or 0.01%, to 31,839.11, the S&P 500 lost 28.51 points, or 0.74%, to 3,830.6 and the Nasdaq Composite dropped 228.12 points, or 2.04%, to 10,970.99.

“As Wall Street hit the resistance and took a breather after the significant rebound over the past two weeks after investors digested weaker earnings from big technology giants, we expect the negative sentiment may spill over to the regional and local bourses,” Malacca Securities said.

The research house said technology stocks may see a mild pullback following the selldown on Wall Street.

“Meanwhile, given the uncertain market environment, we expect buying momentum to remain positive in the healthcare sector, especially the glove counters.

“Besides, we believe the O&G to gain traction in the near term with the firmer Brent oil price,” it added.


TA Securities said with market sentiment buoyed by hopes for a more dovish pivot by the US Fed next year, rotational plays should return, specifically on 5G and healthcare given the fresh lockdowns in China due to the zero Covid strategy.

“Expect profit-taking resistance to cap upside near the 100-day moving average (1,460), with 1,480 and 1,500 acting as tougher hurdles, next at 1,512, and significant upside hurdle seen from the August high near 1,528. Immediate supports are revised upwards to 1,428, then 1,400,

with key chart supports at 1,370 and 1,350,” it added.

Ajinomoto rose 40 sen to RM11.48, Petron Malaysia Refining & Marketing added 12 sen to RM4.70, Hextar Technologies gained 10 sen to RM10.40 and Telekom Malaysia climbed six sen to RM5.56.

Among the losers, Kuala Lumpur Kepong fell six sen to RM22.36, Hextar eased four sen to RM2.18 and Sunsuria fell 2.5 sen to 37 sen.

Betamek, which made a debut on the Ace Market of Bursa Malaysia on Wednesday, rose three sen to 74 sen with 12.21 million shares done.-The Star

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