Bursa Malaysia slightly higher at opening

KUALA LUMPUR: Bursa Malaysia opened slightly higher on Wednesday, mainly supported by buying in plantation, small-cap and finance counters.

At 9.07 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.96 points to 1,539.04 from Tuesday’s close of 1,537.08, after opening 2.14 points better at 1,539.22 this morning.

Gainers led losers by 147 to 93 on the broader market, with 203 counters unchanged, 1,530 untraded and 40 others suspended.

Turnover amounted to 132.63 million shares worth RM61.89 million.

In a note, Malacca Securities Sdn Bhd said that the index managed to close flat yesterday, despite the sharp selling activities across the region.

“We see the consolidation spell to remain in place for the time being as investors continue to monitor for developments on the government’s stimulus measures, whilst gains will be kept in check on the recent sluggish economic data,” it said today.

The lacklustre trading on Bursa Malaysia is expected to be prolonged due to lack of positive developments on the Covid-19 virus situation, said the research house.

For now, it reckon that the range bound trend will be in place as the FBM KLCI looks to hover between the 1,535-1,555 levels. However, a pullback below the 1,535 level may see further weakness towards the 1,515 level.

“We expect quick profit-taking may linger for the time being as investors may also opt to stay in the sidelines and monitor on the recent batch of corporate earnings,” it said.

Among the heavyweights on Bursa Malaysia, Maybank rose two sen to RM8.49, Tenaga and Public Bank added four sen each to RM12.64 and RM17.74 respectively, while Petronas Chemicals lost two sen to RM6.46.

Of the actives, Sapura Energy was up one sen to 25 sen, Foundpac improved 4.5 sen to 99.5 sen while DGB and McLean were flat each at 6.5 sen and 36.5 sen respectively.

On the index board, the FBM Emas Index advanced 11.06 points to 11,010.35, the FBM Emas Shariah Index advanced 10.49 points to 11,766.72 and the FBMT 100 Index was 9.9 points better at 10,799.74.

The FBM 70 shed 3.19 points to 13,939.84 but the FBM Ace edged up 26.11 points to 5,566.71.

Sector-wise, the Industrial Products and Services Index inched down 0.02 point to 145.98, the Financial Services Index appreciated 19.94 points to 14,657.67 and the Plantation Index was 11.08 points higher at 7,247.71. - Bernama