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.
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At 9.05am on Tuesday (June 7), the FBM KLCI was two points higher at 1,539.83 from last Friday’s close at 1,537.83.
The benchmark index opened 0.91 point 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 KLCI slid for the third straight session as investors took further profit from 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 for commodity and technology stocks, given the flat overnight Wall Street movement.
“Nevertheless, downside risks include global inflation and the prolong Russia-Ukraine conflict,” it said in a note on Tuesday.
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Commodity-wise, crude oil prices settled just below the US$120 (about RM527.70) per barrel mark as concerns over a supply-demand imbalance remained in focus following abating China’s zero-Covid strategy, the brokerage firm said.
As for the sectors in focus, it opined that the sentiment for the session may remain positive for selected technology stocks as the Nasdaq had 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, Malayan Banking Bhd (Maybank), Public Bank Bhd and IHH Healthcare Bhd edged up one sen each to RM8.89, RM4.59 and RM6.51 respectively, while both Petronas Chemicals Group Bhd and CIMB Group Holdings Bhd eased one sen to RM9.98 and RM5.09 respectively.
Of the actives, debutant on ACE Market Yew Lee Pacific Group Bhd added one sen to 29 sen, G3 Global Bhd gained 1.5 sen to six sen, Cocoaland Holdings Bhd rose 17 sen to RM1.45 and Serba Dinamik Holdings Bhd edged up half a sen to 12 sen, while Iris Corp Bhd 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 and 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, whereas 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