Bursa Malaysia opens lower but rebounds thereafter

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KUALA LUMPUR (June 8): Bursa Malaysia opened lower but rebounded thereafter on Wednesday (June 8), lifted by buying interest in selected heavyweights prior to a series of economic data releases during the week, a dealer said.


At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.22 points higher at 1,531.15 from Tuesday’s close of 1,525.93.

However, the benchmark index opened 0.03 points lower at 1,525.90.

On the broader market, gainers led losers 130 to 121, while 213 counters were unchanged, 1,810 untraded and nine others suspended.

Turnover stood at 140.64 million units worth RM61.89 million.

Malacca Securities Sdn Bhd said it expects range-bound trading on the local bourse on Wednesday ahead of the release of Malaysia’s unemployment rate, European Central Bank interest rate decision, and inflation data from China and the United States.

“Nevertheless, the overnight jump on Wall Street may shed light on the local bourse, especially in the technology sector.

“Commodity-wise, Brent crude oil traded above US$120, while crude palm oil (CPO) price hovered above RM6,500,” it said.


As for the sector focus, the brokerage firm said the elevated crude oil and CPO prices should bode well for the respective sectors’ earnings, eventually lifting share prices, as traders may also be focusing on technology stocks, given the rebound on Wall Street.

Meanwhile, Malacca Securities said the consumer, REITs and transportation and logistics sectors will benefit from the country’s transition into the endemic phase.

Among the heavyweights, Malayan Banking Bhd added four sen to RM8.88, Public Bank Bhd gained two sen to RM4.54, Petronas Chemicals Group Bhd rose nine sen to RM9.95, IHH Healthcare Bhd edged up one sen to RM6.51, while CIMB Group Holdings Bhd eased one sen to RM5.05.

Of the actives, LGMS Bhd advanced 7.5 sen to 57.5 sen, Dynaciate Group Bhd improved 1.5 sen to 18.5 sen, Sapura Energy Bhd eased half-a-sen to 4.5 sen, while Impiana Hotels Bhd and Serba Dinamik Holdings Bhd were flat at three sen and 11.5 sen, respectively.

On the index board, the FBM Emas Index was 29.33 points higher at 10,970.91, the FBMT 100 Index added 30.67 points to 10,660.23, the FBM Emas Shariah Index rose 38.07 points to 11,314.86, the FBM 70 increased 15.09 points to 13,287.37, while the FBM ACE shed 0.05 of-a-point to 5,249.83.

Sector-wise, the Financial Services Index advanced 30.24 points to 16,577.02, the Plantation Index increased 48.65 points to 7,835.57, and the Industrial Products and Services Index was 0.53 of-a point better at 197.66.-BERNAMA