Bursa opens higher following rebound on Wall Street

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KUALA LUMPUR (Sept 12): Bursa Malaysia opened on a positive note on Monday (Sept 12), taking its cue from the broad-based rebound on Wall Street last Friday, a dealer said.

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At 9.06am, the benchmark FBM KLCI had increased by 5.22 points to 1,501.75, from last Friday’s close at 1,496.53.

The benchmark index opened 1.13 points firmer at 1,497.66.

On the broader market, gainers surpassed losers 217 to 88, while 209 counters were unchanged, 1,801 untraded, and nine others suspended.

Turnover stood at 139.91 million units worth RM74.03 million.

In a research note on Monday, Malacca Securities Sdn Bhd said investors could be taking a view that the US consumer price index reading is likely to decline, and the US Federal Reserve may be looking at smaller interest rate hikes going forward.

“Hence, the focus this week will be on the US and Eurozone’s inflation rate.

“As for commodities, the crude oil price jumped to above US$92 per barrel, while crude palm oil hovered above RM3,550,” it said.

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As such, buying interest might emerge for energy counters, following the rebound in the crude oil price, it said, while building material, telecommunications and medical-related counters may also be on the way up, ahead of Budget 2023 to be tabled next month.

The brokerage firm said the technology sector could be in the spotlight, tracking gains in the Nasdaq Composite Index last Friday.

In the meantime, Bursa heavyweights Malayan Banking Bhd (Maybank) added six sen to RM9.03, Public Bank Bhd improved two sen to RM4.71, Petronas Chemicals Group Bhd gained three sen to RM8.97 and IHH Healthcare Bhd too increased by three sen to RM6.20, while CIMB Group Holdings Bhd was five sen higher at RM5.49.

Of the actives, Harvest Miracle Capital Bhd increased by one sen to 16 sen, Cnergenz Bhd was up four sen at RM1.06 and Agmo Holdings Bhd gained 3.5 sen to RM1, while MLABS Systems Bhd was flat at 1.5 sen and Metronic Global Bhd too was unchanged at 3.5 sen.

On the index board, the FBM Emas Index was 36.27 points better at 10,664.49, the FBMT 100 Index rose 35.52 points to 10,410.97, the FBM Emas Shariah Index strengthened 31.68 points to 10,725.16, the FBM 70 expanded 41.17 points to 12,797.99 and the FBM ACE was 16.82 points stronger at 4,875.30.

Sector-wise, the Industrial Products and Services Index gained 0.29 of a point to 185.89, the Energy Index rose 5.57 points to 712.73 and the Financial Services Index ticked up 93.80 points to 16,910.98, while the Plantation Index was 9.98 points weaker at 6,983.99.-BERNAMA


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