Bursa opens lower but rebounds within minutes

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KUALA LUMPUR (Aug 18): Bursa Malaysia opened lower, but rebounded thereafter, on renewed buying interest in selected heavyweights, amid cautious sentiments in regional markets, dealers said.

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At 9.15am, the benchmark FBM KLCI had risen 2.56 points to 1,520.72, from 1,518.16 at Wednesday’s (Aug 17) close.

The benchmark index opened 1.38 points easier at 1,516.78.

On the broader market, however, decliners led gainers 213 to 115, while 232 counters were unchanged, 1,738 untraded, and six others suspended.

Turnover stood at 252.95 million units worth RM119.7 million.

Malacca Securities Sdn Bhd said in view of the softer Wall Street performance overnight, sentiment on the local bourse may turn cautious, as attention shifts back to the US Federal Reserve’s interest rate policy, following the release of its July meeting minutes.

“Nevertheless, investors may look out for the upcoming earnings [reporting] season, focusing on stocks with solid earnings growth under this environment.

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“Meanwhile, sectors such as transportation and logistics, consumer and real estate investment trusts are likely to remain bullish,” it said in a note on Thursday.

Among the heavyweights, Malayan Banking Bhd (Maybank) added five sen to RM9.02 and Petronas Chemicals Group Bhd too rose five sen to RM8.77, Public Bank Bhd advanced two sen to RM4.67 and CIMB Group Holdings Bhd went up one sen to RM5.46, while IHH Healthcare Bhd slipped two sen to RM6.48.

Of the actives, Pegasus Heights Bhd eased half a sen to one sen and MyEG Services Bhd fell 1.5 sen to 79 sen, while ACE Market debutant Agmo Holdings Bhd jumped 47 sen to 73 sen and Cnergenz Bhd improved four sen to 76.5 sen.

On the index board, the FBM Emas Index improved 7.84 points to 10,751.68, the FBMT 100 Index perked 9.45 points to 10,501.60 and the FBM ACE increased 33.57 points to 4,982.83, while the FBM Emas Shariah Index went down 8.10 points to 10,892.14 and the FBM 70 fell 21.87 points to 12,744.68.

The Financial Services Index rose 53.47 points to 16,842.25, the Plantation Index shed 4.60 points to 7,290.12, the Energy Index slipped 0.63 of a point to 658.97, and the Industrial Products and Services Index eased 0.16 of a point to 183.41.-BERNAMA


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