Bursa opens slightly higher

Bursa opens slightly higher
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KUALA LUMPUR (Oct 26): Bursa Malaysia's key index opened slightly higher on Tuesday (Oct 26) in line with a stronger Wall Street performance overnight.

At 9.05am, the FBM KLCI had gained 0.68 of a point to 1,588.62 from Monday's close at 1,587.94. It opened 0.10 of a point higher at 1,588.04. 

On the broader market, gainers led losers 173 to 171, while 295 counters were unchanged, 1,651 untraded and 33 others suspended.

Turnover amounted to 200.14 million units worth RM84.85 million.

Malacca Securities Sdn Bhd, in a research note, believes bargain-hunting activities might surface on the local bourse following the strong gains on Wall Street overnight.

“Besides, foreign investors continued to stay as net buyers over the past five trading days.

“We expect the trading focus to surround potential beneficiaries in the upcoming Budget 2022. Both crude palm oil (CPO) and Brent oil prices staged a rebound as the energy crunch persisted, while gold crossed above the US$1,800 (about RM7,464) mark,” the brokerage said.

It noted that technology stocks might be in focus following the overnight gains on Nasdaq.

"Besides, the bounce in commodity prices such as CPO, Brent oil and gold may shine light on the plantation, oil and gas and gold sectors. We expect the construction and property sectors to trend higher prior to Budget 2022,” said Malacca Securities.

Among the heavyweights, Malayan Banking Bhd (Maybank) added one sen to RM8.16, Petronas Chemicals Group Bhd (PetChem) rose two sen to RM8.82, Hong Leong Bank Bhd (HLB) rose four sen to RM18.88, Public Bank Bhd and IHH Healthcare Bhd were flat at RM4.24 and RM6.55 respectively, while Tenaga Nasional Bhd (TNB) shed three sen to RM9.73 and Axiata Group Bhd fell two sen to RM3.95.

Of the actives, Vortex Consolidated Bhd and Tanco Holdings Bhd both inched up half a sen to 10 sen and 26 sen respectively, GUH Holdings Bhd jumped seven sen to 71 sen, Dagang NeXchange Bhd (DNeX) and Waja Konsortium Bhd went up one sen each to 78 sen and 15.5 sen respectively, while WZ Satu Bhd, Tiger Synergy Bhd and KNM Group Bhd were flat at 18.5 sen, 4.5 sen and 22 sen respectively. 

On the index board, the FBM Emas Index improved 9.28 points to 11,712.19, the FBMT 100 Index advanced 8.12 points to 11,345.57, the FBM Emas Shariah Index went up 12.09 points to 12,786.91, the FBM 70 was 23.92 points higher at 15,392.18 and the FBM ACE bagged 25.38 points to 7,182.86.

Sector-wise, the Industrial Products and Services Index inched up 0.29 of a point to 210.82, the Plantation Index widened 17.17 points to 7,024.84 and the Financial Services Index was 12.28 points higher at 15,757.22.