KUALA LUMPUR, June 2 — Bursa Malaysia rebounded from yesterday's losses to open slightly higher today, supported by renewed buying in selected heavyweights despite weaker sentiment on regional markets.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 0.95 of-a-point to 1,554.36 from Wednesday’s close of 1,553.41.
The benchmark index opened 1.31 points firmer at 1,554.72.
On the broader market, losers led gainers 124 to 122, while 232 counters were unchanged, 1,765 untraded and 17 others suspended.
Turnover stood at 169.34 million units worth RM54.66 million.
Malacca Securities Sdn Bhd said on the first day of June, the FBM KLCI surrendered big gains from the previous session yesterday as global inflationary pressure, that may derail the economic recovery, remains a concern.
The firm said Wall Street edged lower as the Dow Jones Index fell 0.5 per cent after the buoyant US ISM Manufacturing PMI, which rose to 56.1 in May 2022, fuelled further concerns over the pace of tightening from the US Federal Reserve.
The European stock markets remained downbeat, while Asian stock markets ended mixed.
Back home, it said investors may trade cautiously following the overnight decline on Wall Street.
“Nevertheless, traders would likely lookout for selected technology stocks with solid balance sheet and growing quarterly results (at least positive quarter-to-quarter growth).
“On the commodity markets, crude oil was traded around US$116 per barrel mark, while crude palm oil (CPO) traded above RM6,300 per tonne,” the firm said in a note today.
Among the heavyweights, Maybank added 6.0 sen to RM8.95, Public Bank rose 2.0 sen to RM4.65, both IHH Healthcare and CIMB gained 1.0 sen to RM6.51 and RM5.21, respectively, while Petronas Chemicals lost 4.0 sen to RM10.02.
Of the actives, Sapura Energy slipped half-a-sen to 6.5 sen, Dolphin International increased 1.0 sen to 6.5 sen, while Fast Energy, KNM and Cypark were all flat at 4.5 sen, 15 sen and 39 sen, respectively.
On the index board, the FBM ACE perked up 6.05 points to 5,189.70, the FBM Emas Shariah Index down 2.78 points to 11,410.72, the FBM Emas Index advanced 3.66 points to 11,074.55, the FBMT 100 Index accumulated 5.48 points to 10,774.27, and the FBM 70 appreciated 2.19 points to 13,236.82.
Sector-wise, the Industrial Products and Services Index was 0.77 of-a point weaker at 199.89, while the Plantation Index increased 27.09 points to 7,963.64, and the Financial Services Index surged 26.20 points to 16,772.79. — Bernama
