Bursa opens lower before turning higher

Bursa opens lower before turning higher
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KUALA LUMPUR (Oct 25): Bursa Malaysia's key index opened lower but turned higher soon after, lifted by selected heavyweights.

At 9.05am on Monday (Oct 25), the benchmark FBM KLCI had gained 3.67 points to 1,591.75 from last Friday's close at 1,588.08. It opened 1.31 points easier at 1,586.77.

On the broader market, gainers led losers 189 to 187, while 283 counters were unchanged, 1,631 untraded and 15 others suspended.

Turnover amounted to 197.11 million units worth RM100.25 million.

Malacca Securities Sdn Bhd, in a research note, said the local bourse might continue to trade sideways for the week amid a dearth of fresh leads as investors await details of Budget 2022 to be tabled on Friday.

Meanwhile, the recovery-themed sectors might gain momentum as bargain-hunting activities may emerge on the back of brighter economic prospects, added the brokerage.

“We believe the recent pullback of some recovery-themed sectors will be a good opportunity for bargain hunting. Investors may focus on banking, property, and consumer-related stocks as well as the construction sector ahead of Budget 2022,” it added.

Among the heavyweights, Malayan Banking Bhd (Maybank) rose three sen to RM8.18, Public Bank Bhd gained one sen to RM4.24, and Tenaga Nasional Bhd (TNB) and CIMB Group Holdings Bhd added three sen each to RM9.79 and RM5.26 respectively.

Meanwhile, Petronas Chemicals Group Bhd (PetChem) was flat at RM8.81, IHH Healthcare Bhd shed seven sen to 6.53 and Press Metal Aluminium Holdings Bhd fell three sen to RM5.72. 

Of the actives, Fitters Diversified Bhd increased 1.5 sen to 43 sen, Destini Bhd edged up half a sen to 25 sen, Gagasan Nadi Cergas Bhd rose one sen to 33.5 sen and Opcom Holdings Bhd was flat at RM1.33, while Tanco Holdings Bhd and Hubline Bhd inched down half a sen each to 25.5 sen and four sen respectively. 

On the index board, the FBM Emas Index climbed 22.60 points to 11,732.0, the FBMT 100 Index advanced 21.27 points to 11,361.06, the FBM Emas Shariah Index went up 15.42 points to 12,804.52, the FBM 70 was 9.76 points higher at 15,386.39 and the FBM ACE added 19.04 points to 7,189.39.    

Sector-wise, the Industrial Products and Services Index inched up 0.5 of a point to 210.24, the Plantation Index improved 3.33 points to 7,025.27 and the Financial Services Index jumped 58.91 points to 15,776.96.