(Updated)

FBM KLCI opens slightly higher

FBM KLCI opens slightly higher
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KUALA LUMPUR (Oct 27): Bursa Malaysia's key index opened slightly higher on Wednesday on mild buying interests in selected heavyweights.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.74 points to 1,585.94 from Tuesday's close of 1,584.2. It opened 3.02 points higher at 1,587.22.

On the broader market, losers led gainers 211 to 204, while 317 counters were unchanged, 1,569 untraded and 45 others suspended.

Turnover amounted to 421.21 million units worth RM170.69 million.

Malacca Securities Sdn Bhd, in a research note, believes that market focus would be on potential beneficiaries of Budget 2022 as investors took a further step back from glove counters.

"We believe the buying interest that has been noticed in the building material segment could continue as it is the proxy to the construction sector.

"The crude palm oil (CPO) price has surpassed the RM5,000 mark again, while the crude oil prices climbed above the US$86 per barrel mark on the back of supply-induced uncertainties,” it said in a research note on Wednesday. 

The brokerage said investors may trade on plantation, as well as oil and gas counters as the commodity prices remained strong.

"Besides, construction and telecommunication stocks may trend higher ahead of the tabling of Budget 2022, while building material stocks may be focused as well. Meanwhile, recovery-theme stocks may bode well for the transportation and logistics, as well as consumer sectors,” said Malacca Securities. 

Among the heavyweights, Digi.Com Bhd advanced five sen to RM4.42, Genting Malaysia Bhd appreciated six sen to RM3.24, and Malayan Banking Bhd and Axiata Group Bhd rose three sen each to RM8.15 and RM4.07, respectively.

Meanwhile, Tenaga Nasional Bhd was flat at RM9.71, Petronas Chemicals Group Bhd shed one sen to RM8.77, Press Metal Aluminium Holdings Bhd slipped four sen to RM5.72 and Hong Leong Bank Bhd trimmed eight sen to RM18.78.

Of the actives, Vortex Consolidated Bhd inched up half-a-sen to 10.5 sen, LBS Bina Group Bhd bagged 3.5 sen to 56.5 sen, NWP Holdings Bhd and Industronics Bhd edged up half-a-sen to 56.5 sen and 20 sen, respectively, while KNM Group Bhd was flat at 21.5 sen, and Sarawak Consolidated Industries Bhd fell eight sen to 32.5 sen.  

On the index board, the FBM Emas Index improved 8.69 points to 11,682.85, the FBMT 100 Index advanced 9.64 points to 11,316.25, the FBM 70 rose 2.27 points to 15,312.59, while the FBM Emas Shariah Index went down 8.46 points to 12,731.05, and the FBM ACE gave up 12.47 points to 7,157.64.

Sector-wise, the Industrial Products and Services Index slid 0.53 of-a-point to 209.38, the Plantation Index narrowed 50.84 points to 6,943.47, while the Financial Services Index was 37.6 points higher at 15,753.03.