Bursa marginally higher following positive Wall St performance

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KUALA LUMPUR (Sept 8): Bursa Malaysia opened marginally higher on Thursday (Sept 8), in line with Wall Street’s positive performance, as concerns over the fight against inflation abated following a decline in crude oil prices, a dealer said.

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At 9.05am, the benchmark FBM KLCI had inched up 0.42 of a point to 1,491.77, from Wednesday’s close at 1,491.35.

The benchmark index opened 0.48 of a point lower at 1,490.87.

On the broader market, gainers led losers 192 to 92, while 192 counters were unchanged, 1,814 untraded, and nine others suspended.

Turnover stood at 108.54 million units worth RM58.3 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the Dow Jones Industrial Average rose by 436 points, and the Nasdaq gained 247 points, while the US 10-year yield eased to below 3.27% overnight.

“In view of the gains in US equities, we reckon that sentiment on the local bourse would improve, thus we expect the index to possibly test the 1,500 level today (Thursday),” he told Bernama.

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He also said that technology stocks are likely to garner some buying interest on Thursday, following the lacklustre performance in the past month.

“Meanwhile, the plantation and energy sectors are expected to experience some selling pressure today, as the crude palm oil price has weakened to around RM3,600 per tonne, while oil benchmark Brent crude dipped to US$88 per barrel on global recessionary fears,” he added.

Among the heavyweights, Malayan Banking Bhd (Maybank) added two sen to RM8.95 and Public Bank Bhd gained two sen as well to RM4.66, IHH Healthcare Bhd increased by four sen to RM6.24, Petronas Chemicals Group Bhd shed 13 sen to RM8.87, and CIMB Group Holdings Bhd lost two sen to RM5.38.

Of the actives, Metronic Global Bhd increased half a sen to 6.5 sen and SNS Network Technology Bhd too gained half a sen to 26.5 sen, Sarawak Consolidated Industries Bhd added one sen to 16 sen and Orgabio Holdings Bhd pushed up three sen to 35 sen, while Hibiscus Petroleum Bhd slid three sen to 97 sen.

On the index board, the FBM Emas Index was 9.03 points firmer at 10,594.40, the FBMT 100 Index inched up 9.16 points to 10,342.46, the FBM 70 improved 36.49 points to 12,716.46, the FBM Emas Shariah Index bagged 7.95 points to 10,672.53, and the FBM ACE was 8.43 points stronger at 4,782.05.

Sector-wise, the Plantation Index was 15.24 points weaker at 7,013.59, the Industrial Products and Services Index declined 0.57 of a point to 184.48 and the Energy Index fell 11.38 points to 697.81, while the Financial Services Index strengthened 5.09 points to 16,718.12. -BERNAMA


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