(Updated)

Bursa opens higher on bargain hunting

Bursa opens higher on bargain hunting
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KUALA LUMPUR (Sept 17): Bursa Malaysia opened higher today with the key index rising by 0.08 % on bargain-hunting activities.

At 9.01am, the benchmark FBM KLCI had risen 1.21 points to 1,556.47 from Wednesday’s close at 1,555.26.

Bursa and its subsidiaries were closed yesterday in conjunction with Malaysia Day.

The KLCI opened 1.09 points better at 1,556.35 today.

Market breadth was positive with gainers surpassing losers 196 to 98, while 272 counters were unchanged, 1,702 untraded and 10 others suspended.

Turnover stood at 123.69 million units worth RM49.12 million.

Malacca Securities Sdn Bhd said bargain-hunting activities should emerge with the return of foreign participation in the local stock market on the back of resumption of economic activities following further relaxation of standard operating procedures (SOPs) under the National Recovery Plan (NRP).

“Further relaxation of the NRP SOPs should continue to drive investors’ interest in accumulating recovery-themed stocks, such as building materials and consumer,” it said in a note today.

Among the heavyweights, Malayan Banking Bhd (Maybank) and Public Bank Bhd rose one sen each to RM8.30 and RM4.02 respectively, Petronas Chemicals Group Bhd (PetChem) bagged three sen to RM8.04, while IHH Healthcare Bhd was flat at RM6.58 and Press Metal Aluminium Holdings Bhd eased two sen to RM5.72.

Of the actives, Malayan United Industries Bhd, Impiana Hotels Bhd and Ageson Bhd were flat at 8.5 sen, 8.5 sen and 7.5 sen respectively.

The top gainers were Fraser & Neave Holdings Bhd (F&N), which improved 34 sen to RM27.38, Genetec Technology Bhd, which advanced 20 sen to RM35.38, and Subur Tiasa Holdings Bhd, which climbed 15 sen to 85 sen.

Among the top losers, SAM Engineering & Equipment (M) Bhd lost 18 sen to RM14.30, Petronas Gas Bhd (PetGas) erased eight sen to RM16.80 and Telekom Malaysia Bhd (TM) fell six sen to RM5.91.

On the index board, the FBM Emas Index rose 11.10 points to 11,406.95, the FBMT 100 Index was 10.19 points higher at 11,096.47 and the FBM Emas Shariah Index gained 3.79 points to 12,481.58.

The FBM 70 firmed 19.84 points to 14,978.21, while the FBM ACE bagged 29.50 points to 7,225.25.

Sector-wise, the Plantation Index shed 13.76 points to 6,505.69, the Industrial Products and Services Index went up 0.30 of a point to 200.00, and the Financial Services Index perked 26.99 points to 15,291.50.