KUALA LUMPUR (June 22): Bursa Malaysia opened marginally higher on Wednesday (June 22), tracking the rallies on Wall Street overnight as market consensus pointed towards a slowdown in inflation in the coming quarters, a dealer said.
At 9.06am, the FBM KLCI had risen 0.07 of a point to 1,457.95 from Tuesday’s close at 1,457.88.
The benchmark index opened 3.25 points firmer at 1,461.13.
Market breadth was positive with gainers leading losers 164 to 113, while 235 counters were unchanged, 1,763 untraded and 19 others suspended.
Turnover stood at 220.19 million units worth RM99.86 million.
In a note, Malacca Securities Sdn Bhd said investors were still weighing recession risks arising from global inflation, hence traders may adopt the “selling into strength” strategy.
It also said that the announcement of the removal of the ceiling prices of chicken and eggs, effective July 2022, should offer some reprieve for the poultry sector.
“Nevertheless, we believe most of the previously bashed-down sectors should gain traction at least in the near term,” it said.
The brokerage also added that investors may scoop up technology shares as buying interest may emerge following Wall Street’s overnight rally.
Among the heavyweights, Malayan Banking Bhd (Maybank) shed two sen to RM8.63, Public Bank Bhd slid one sen to RM4.46 and CIMB Group Holdings Bhd lost four sen to RM4.92, while Petronas Chemicals Group Bhd was unchanged at RM9.50 and IHH Healthcare Bhd added one sen to RM6.50.
Of the actives, Top Glove Corp Bhd and Country Heights Holdings Bhd increased one sen to RM1.09 and 11.5 sen respectively, while TWL Holdings Bhd remained at 7.5 sen, SFP Tech Holdings Bhd fell two sen to 67.5 sen and Dagang NeXchange Bhd (DNeX) eased one sen to 79 sen.
On the index board, the FBM Emas Shariah Index strengthened 5.18 points to 10,572.73 and FBM 70 gained 32.04 points to 12,584.47, while the FBM Emas Index weakened 6.31 points to 10,388.53, FBM ACE fell 2.44 points to 4,822.54 and the FBMT 100 Index shrank 7.52 points to 10,123.78.
Sector-wise, the Financial Services Index was lower by 38.29 points at 16,120.89 and the Plantation Index lost 11.59 points to 7,103.38, while the Industrial Products and Services Index was 0.25 of a point stronger at 186.61.-BERNAMA