Strong recovery trend sighted for Bursa

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KUALA LUMPUR: The recovery trend on the domestic market could be firming up following the crossing of the 1,400 psychological level, with the return of foreign investors after an extended period of outflows.

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According to Malacca Securities Research, offshore investors were net buyers of RM468.9mil of local equities last Friday, which could sustain the recovery trend moving forward.

“Meanwhile, the lower liners may continue to capitalise onto the jubilant market sentiment as the calmer market conditions present an opportunity to nibble onto beaten down stocks,” said the research firm in a note.

Developments from the US and China could be in focus as a raft of corporate earnings results are released on Wall Street and Beijing announces the country’s 2Q23 gross domestic product data today.

At the start of trading, Malaysia’s benchmark FBM KLCI was down 0.32 points to 1,411.77 as investors dipped into their portfolios for profit.

Bank counters were in the red including Maybank down one sen to RM8.79, Public Bank Bank sliding two sen to RM3.97, CIMB falling two sen to RM5.28 and Hong Leong Bank shedding 10 sne to RM18.90.

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PETRONAS Chemicals was down four sen to RM6.35, CelcomDigi dropped three sen to RM4.28 and Sime Darby Plantation lost two sen to RM4.38.

There was also profit-taking in the technology sector following the previous week’s rally. MPI fell 24 sne to RM31, Unisem slipped two sen to RM3.50 and Frontken fell five sen to RM3.47.

Among gainers, Aeon Credit soared 66 sen to RM12, Allianz gained 30 sen to RM14.50 and AirAsia X rose 16 sen to RM1.73.

Leading the actives, ACE Market debutant DC Healthcare surged 17 sen to 42 sen while Classita was up five sne to RM26.5 sen and Iris fell one sen to nine sen.

– The Star


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