Bursa Malaysia opens lower but rebounds thereafter

KUALA LUMPUR: Bursa Malaysia opened slightly lower today but rebounded thereafter due to emerging buying interest in selected heavyweights and in tandem with most regional bourses, dealers said.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.96 points better at 1,785.70 against Monday's close of 1,782.74.

Earlier, the benchmark index opened 0.45 of-a-point weaker at 1,782.29.

On the broader market, gainers led losers by 238 to 97 with 214 counters unchanged, 1,284 untraded and 26 others were suspended.

Turnover stood at 216.20 million shares worth RM86.08 million.

In a research note today, Maybank Investment Bank Research expected the local bourse to trade between 1,770 and 1,790 while downside supports were forecast between 1,748 and 1,729.

"The FBM KLCI rose 2.84 points to 1,782.74 yesterday, led by gains in selective index-linked stocks like Hong Leong Bank, TM and SIME.

''The market could extend yesterday's gains, amid easing geopolitical tensions, and stronger overnight US markets. There could be renewed interest on construction stocks today, driven by job wins," it said.

On heavyweights, Maybank rose seven sen to RM9.69, TNB improved eight sen to RM14.66, Public Bank jumped 10 sen to RM20.70 but Sime Darby slipped four sen to RM9.10.

Among active counters, PUC earned half-a-sen to 15.5 sen, Dagang Nexchange added 1.5 sen to 51.5 sen while Sino Hua-An and ViziOne were flat at 25.5 sen and 13 sen, respectively.

The FBM Emas Index was 17.69 points better at 12,729.86, FBM 70 fell 2.87 points to 15,284.07, FBM Emas Syariah Index added 12.88 points to 12,924.81, FBMT 100 Index increased 14.92 points to 12,392.09 and the FBM Ace rose 26.18 points to 6,723.44.

Sector-wise, the Industrial Index earned 0.07 of-a-point to 3,213.27, the Plantation Index advanced 16.20 points to 7,929.88 and the Finance Index gained 40.19 points to 16,819.54.

The physical price of gold as at 9.30am stood at RM173.37 per gramme, down RM1.25 from RM174.62 at 5pm yesterday. — Bernama