Bursa opens higher but retreats thereafter

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KUALA LUMPUR (April 29): Bursa Malaysia opened higher but eased slightly thereafter as investors stayed on the sidelines due to the lack of market catalysts.

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At 9.10am on Friday (April 29), the benchmark FBM KLCI had inched down 0.02 points to 1,597.29 from Thursday’s close at 1,597.31.

The index opened 4.71 points higher at 1,602.02.

On the broader market, there were 219 gainers and 130 losers, while 266 counters were unchanged, 1,673 untraded and 67 others suspended.

Total turnover stood at 185.11 million worth RM95.65 million.

In a note, Rakuten Trade Sdn Bhd said Wall Street rebounded strongly overnight, buoyed by a slew of good corporate earnings, with the Dow Jones Index Average up by 614 points and the Nasdaq closing 383 points higher.

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“For today (Friday), we can expect some selling to emerge as the local bourse will be closed for three days next week for Hari Raya, thus we reckon the index will hover within the 1,590-1,600 range,” the brokerage said.

Among Bursa heavyweights, Malayan Banking Bhd (Maybank) fell one sen to RM9.03, IHH Healthcare Bhd lost five sen to RM6.60, Public Bank Bhd added one sen to RM4.72 and Petronas Chemicals Group Bhd gained 12 sen to RM10.22, while CIMB Group Holdings Bhd was flat at RM5.19.

Of the actives, Euro Holdings Bhd went up 5.5 sen to 23 sen, Vortex Consolidated Bhd increased one sen to 19 sen, PUC Bhd bagged 1.5 sen to 12.5 sen and YTL Corp Bhd rose 2.5 sen to 62 sen, while Anzo Holdings Bhd lost half a sen to one sen.

On the index board, FBM ACE increased 30.57 points to 5,616.34, FBM 70 improved 37.52 points to 13,748.79, the FBM Emas Index expanded 7.72 points to 11,443.21, the FBMT 100 Index strengthened 6.97 points to 11,099.35 and the FBM Emas Shariah Index climbed 2.73 points to 11,993.27.

Sector-wise, the Financial Services Index expanded 11.89 points to 16,923.36 and the Industrial Products and Services Index was 0.71 of a point better at 210.13, while the Plantation Index decreased 16.29 points to 8,768.62.-BERNAMA