Bursa opens mixed

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KUALA LUMPUR (July 29): Bursa Malaysia opened mixed on Friday (July 29) as the benchmark index eased by 0.07%, weighed down by selling activities for selected heavyweights.


At 9.15am, the FBM KLCI had fallen 1.07 points to 1,490.13 from Thursday’s close at 1,491.20.

The benchmark index opened 0.03 point easier at 1,491.17.

However, on the broader market, gainers surpassed losers 250 to 102, while 246 counters were unchanged, 1,689 untraded and 54 others suspended.

Turnover stood at 261.88 million units worth RM109.38 million.

Malacca Securities Sdn Bhd said the KLCI rallied on Thursday in tandem with its regional peers, taking its cue from strong gains on Wall Street.

“We believe the narrative that the US Federal Reserve will slow down the pace of interest rate hikes will continue to send a positive signal to the local and regional bourses, despite the contraction in US gross domestic product.

“Meanwhile, Indonesia’s decision to lift its restrictions on the entry of its workers into Malaysia starting Aug 1 should benefit the manufacturing and plantation sectors in Malaysia,” it said in a research note on Friday.


On commodities, the brokerage said crude oil prices increased to above the US$107 (about RM476.15) per barrel mark, while crude palm oil rose to above the RM4,000 level.

It added that the technology sector should continue to trend higher in line with overnight gains on the Nasdaq, supported by solid financial results of Unisem (M) Bhd, Frontken Corporation Bhd and ViTrox Corp Bhd.

The energy sector may also continue to shine amid firm crude oil prices, said Malacca Securities.

Meanwhile, Bursa heavyweights Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd decreased two sen each to RM8.83 and RM5.26 respectively, Petronas Chemicals Group Bhd lost 11 sen to RM8.80, while Public Bank Bhd and IHH Healthcare Bhd were flat at RM4.64 and RM6.39 respectively.

Of the actives, CSH Alliance Bhd was one sen higher at 10 sen, Parkson Holdings Bhd increased 1.5 sen to 18.5 sen and LGMS Bhd added 7.5 sen to 87.5 sen, while MQ Technology Bhd and Velesto Energy Bhd were flat at 3.5 sen and 8.5 sen respectively.

On the index board, the FBM Emas Index gained 11.51 points to 10,590.16, the FBM Emas Shariah Index earned 23.04 points to 10,704.07, the FBMT 100 Index climbed 6.90 points to 10,340.30, the FBM ACE grew 23.48 points to 4,855.97, and the FBM 70 rose 66.14 points to 12,750.83.

Sector-wise, the Plantation Index strengthened 20.33 points to 6,960.59, the Industrial Products and Services Index inched up 0.05 of a point to 183.71, and the Energy Index expanded 3.94 points to 670.55, while the Financial Services Index eased 13.31 points to 16,650.09.-BERNAMA

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