Bursa Malaysia opens mixed

Bursa Malaysia opens mixed

At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.07 points to 1,490.13 from yesterday’s close of 1,491.20. ― Picture by Razak Ghazali

Friday, 29 Jul 2022 10:16 AM MYT

KUALA LUMPUR, July 29 ― Bursa Malaysia opened mixed today as the benchmark index eased by 0.07 per cent, weighed down by selling activities in selected heavyweights.

At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.07 points to 1,490.13 from yesterday’s close of 1,491.20.

The benchmark index opened 0.03 points easier at 1,491.17.

However, on the broader market, gainers surpassed losers 250 to 102, while 246 counters were unchanged, 1,689 untraded and 54 others suspended.

Turnover stood at 261.88 million units worth RM109.38 million.

Malacca Securities Sdn Bhd said the FBM KLCI rallied yesterday in tandem with its regional peers, taking its cue from the strong gains on Wall Street.

“We believe the narrative that the United States (US) Federal Reserve will slow down the pace of interest rate hikes will continue to send a positive signal to the regional and local bourses despite the contraction in the US’ gross domestic product.

“Meanwhile, Indonesia’s decision to lift its restrictions on the entry of its workers into Malaysia starting August 1, 2022 should benefit the manufacturing and plantation sectors in Malaysia,” it said in a research note today.

On commodities, the brokerage said the crude oil price increased to above the US$107 (RM476) per barrel mark, while the crude palm oil price rose to above the RM4,000 level.

It added that the technology sector should continue to trend higher in line with the overnight gains on Nasdaq, supported by the solid financial results from Unisem (M) Bhd, Frontken Corporation Bhd and Vitrox Corp Bhd.

The energy sector may also continue to shine amidst the firm crude oil prices, said Malacca Securities.

Meanwhile, Bursa heavyweights Maybank and CIMB Group decreased two sen each to RM8.83 and RM5.26, respectively, Petronas Chemicals lost 11 sen to RM8.80, while Public Bank and IHH Healthcare were flat at RM4.64 and RM6.39, respectively.

Of the actives, CSH Alliance was one sen higher at 10 sen, Parkson Holdings increased 1.5 sen to 18.5 sen and LGMS added 7.5 sen to 87.5 sen, while MQ Technology and Velesto Energy were flat at 3.5 sen and 8.5 sen, respectively.

On the index board, the FBM Emas Index gained 11.51 points to 10,590.16, the FBM Emas Shariah Index earned 23.04 points to 10,704.07, the FBMT 100 Index climbed 6.90 points to 10,340.30, the FBM ACE grew 23.48 points to 4,855.97 and the FBM 70 rose 66.14 points to 12,750.83.

Sector-wise, the Plantation Index strengthened 20.33 points to 6,960.59, the Industrial Products and Services Index inched up 0.05 of-a-point to 183.71 and the Energy Index expanded 3.94 points to 670.55, while the Financial Services Index eased 13.31 points to 16,650.09. ― Bernama