KUALA LUMPUR, June 7 — Bursa Malaysia opened marginally higher, tracking the overnight global market performance amid positive sentiment brought about by a series of positive updates from China, including the loosening of some Covid-19 restrictions that boosted investors’ confidence, said a dealer.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.0 points higher at 1,539.83 from Friday’s close of 1,537.83.
The benchmark index opened 0.91 points better at 1,538.74.
On the broader market, however, gainers led losers 152 to 133, while 258 counters were unchanged, 1,712 untraded and nine others suspended.
Turnover stood at 202.12 million units worth RM67.43 million.
Malacca Securities Sdn Bhd said the FBM KLCI slid for the third straight session as investors took further profits in the banking heavyweights, while picking up shares in the technology and energy sectors.
“We believe the local bourse is poised for a mild turnaround, supported by bargain-hunting activities, especially in commodity and technology stocks, given the flat overnight Wall Street movement.
“Nevertheless, downside risks include global inflation and the prolong Russia-Ukraine conflicts,” it said in a note today.
Commodity-wise, crude oil price settled just below the US$120 per barrel mark as concerns over supply-demand imbalance remained in focus following abating China’s zero-Covid strategy, the brokerage firm said.
As for the sector focus, it opined that the sentiment for the session may remain positive for selected technology stocks as the Nasdaq which has been trading above the 12,000 mark.
“Meanwhile, the pickup in oil prices could help lift energy stocks. Other sectors that we like include are shipping, plantation and consumer (products),” it added.
Among the heavyweights, Maybank, Public Bank and IHH Healthcare edged up one sen each to RM8.89, RM4.59 and RM6.51, respectively, while both Petronas Chemicals and CIMB eased one sen to RM9.98 and RM5.09, respectively.
Of the actives, debutant on Ace Market Yew Lee added one sen to 29 sen, G3 Global gained 1.5 sen to six sen, Cocoaland Holdings rose 17 sen to RM1.45, Serba Dinamik edged up half-a-sen to 12 sen, while IRIS Corporation slid half-a-sen to 16.5 sen.
On the index board, the FBM Emas Index was 22.13 points higher at 11,035.07, the FBMT 100 Index added 13.5 points to 10,716.23, the FBM Emas Shariah Index rose 22.01 points to 11,386.50, the FBM 70 appreciated 15.23 points to 13,339.42, while the FBM ACE slipped 4.83 points to 5,267.12.
Sector-wise, the Financial Services Index advanced 40.16 points to 16658.95, the Plantation Index increased 31.87 points to 7,943.50, while the Industrial Products and Services Index was 0.12 of-a point easier at 199.65. — Bernama
