Bursa Malaysia opens slightly weaker but rebounds thereafter

KUALA LUMPUR: Bursa Malaysia opened slightly lower today but rebounded thereafter, tracking gains on regional market and supported by emerging buying interest for selected plantation and technology counters, dealers said.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.98 of-a-point better at 1,790.84 against Tuesday's close of 1,789.86.

Earlier, the benchmark index opened 0.48 of-a-point weaker at 1,789.38.

On the broader market, gainers led losers 184 to 70 with 243 counters unchanged, 1,336 untraded and 26 others were suspended.

Turnover stood at 230.94 million shares worth RM56.58 million.

Maybank Investment Bank Research expected the local bourse to trade between 1,780 and 1,797 while support level was forecast between 1,766 and 1,756.

"The FBM KLCI soared 7.12 points to 1,789.86 yesterday, led by gains in selective index-linked stocks like Petronas Gas, IHH Healthcare and MISC. Market sentiment was positive with gainers outpacing losers by 489 to 395.

"Renewed optimism, boosted by the record close on the overnight Wall Street, could extend FBM KLCI's gains to the third consecutive day. Technology stocks could also attract interest after Apple unveiled the iPhone 8," it said.

Heavyweights, Maybank declined four sen to RM9.66, Sime Darby slipped three sen to RM9.10, TNB was flat at RM14.58 while Public Bank jumped 14 sen to RM20.76.

Among the active counters, D.B.E. Gurney perked one sen to four sen, MQ Technology and NETX Holdings earned half-a-sen each to nine sen and 5.5 sen, respectively, while PUC eased half-a-sen to 14.5 sen.

The FBM Emas Index was 4.85 points better at 12,752.58, FBM 70 fell 11.65 points to 15,262.54, FBM Emas Syariah Index added 7.29 points to 12,955.32, FBMT 100 Index increased 2.79 points to 12,414.62 and the FBM Ace surged 81.37 points to 6,823.42.

Sector-wise, the Industrial Index shed 3.42 points to 3,238.83, the Plantation Index soared 91.54 points to 8,038.50 but the Finance Index fell 4.24 points to 16,838.67.

The physical price of gold as at 9.30am stood at RM173.99 per gramme, up 46 sen from RM173.53 at 5.00pm yesterday. — Bernama