KUALA LUMPUR (July 14): Bursa Malaysia opened lower but turned mixed thereafter on Thursday (July 14) as bargain-hunting activities emerged, despite negative cues from the global equity market, a dealer said.
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At 9.10am, the FBM KLCI was 1.55 points higher at 1,412.87 from Wednesday’s close at 1,411.32.
The barometer index opened 2.49 points lower at 1,408.83.
However, on the broader market, losers surpassed gainers 131 to 112, while 203 counters were unchanged, 1,830 untraded and eight others suspended.
Turnover stood at 95.71 million units worth RM39.55 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street declined overnight as US inflation hit a 40-year high of 9.1%, exacerbating fears that the US Federal Reserve will be aggressive with its rate hikes.
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On the home front, he said sentiments in the market remained cautious, but bargain-hunting activities may ensue as the benchmark index comes closer to its support level of 1,400.
“We expect the index to hover within the 1,405-1,425 range today (Thursday),” he told Bernama.
Among the heavyweights, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd stayed flat at RM8.61 and RM5.09 respectively, Public Bank Bhd eased one sen to RM4.36, Petronas Chemicals Group Bhd added three sen to RM7.91, and IHH Healthcare Bhd rose four sen to RM6.46.
Of the actives, Metronic Global Bhd increased 1.5 sen to 8.5 sen, MAG Holdings Bhd and Borneo Oil Bhd stayed flat at 18 sen and 2.5 sen respectively, and XOX Networks Bhd gained one sen to three sen.
On the index board, the FBM Emas Index went up 10.80 points to 10,034.40, the FBM Emas Shariah Index ticked up 17.81 points to 10,057.73, the FBM 70 was 18.46 points higher at 12,055.86, the FBMT 100 Index improved 11.76 points to 9,797.73, and the FBM ACE edged up 31.16 points to 4,570.14.
Sector-wise, the Financial Services Index declined 11.93 points to 16,008.27, the Industrial Products and Services Index was 0.63 of a point higher at 167.34, and the Plantation Index weakened 17.43 points to 6,669.27.-BERNAMA