Bursa Malaysia opens higher on mild buying interest

Bursa Malaysia opens higher on mild buying interest
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KUALA LUMPUR (July 13): Bursa Malaysia opened higher, buoyed by mild buying interest in most indices following its weak performance yesterday.  

At 9.08am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.05 points to 1,518.94 from Monday’s close of 1,512.89.    

The market bellwether opened 0.94 of-a-point firmer at 1,513.83.  

On the broader market, gainers edged past losers 171 to 141, while 259 counters were unchanged, 1,657 untraded and nine others suspended.

Turnover stood at 305.54 million units worth RM140.31 million. 

Malacca Securities Sdn Bhd said despite the negative sentiment in the market due to the local political development and the potential downward revision of the country's economic growth projection, bargain-hunting activities have emerged, boosted by the improvement in the vaccination rate nationwide. 

"Given the improvement in the vaccination rate and the slight decline in Covid-19 daily tally, the market may see buying interest emerging in certain recovery-themed stocks such as essential consumer, property and banking. 

"Additionally, technology stocks should continue to do well following Nasdaq’s positive performance, and we believe that plastic packaging manufacturers will continue to grow," said the brokerage firm in a note today. 

On the market’s technical outlook, it said resistance is set at 1,525-1,548, while the support level is pegged around 1,500 for the FBM KLCI.

Among the heavyweights, Malayan Banking Bhd recovered three sen to RM8.09, Public Bank Bhd gained four sen to RM4.12, Petronas Chemicals Group Bhd bagged seven sen to RM8.11, while both Tenaga Nasional Bhd and IHH Healthcare Bhd added two sen to RM9.70 and RM5.66, respectively. 

Among the actives, Ramssol Group Bhd advanced 19.5 sen to 64.5 sen, Straits Inter Logistics Bhd improved one sen to 24 sen, and Pasukhas Group Bhd, which had emerged as the top gainer, rose 21 sen to 50 sen. 

On the index board, the FBM Emas Index was 33.63 points higher at 11,037.33, the FBMT 100 Index widened 35.44 points to 10,757.08, and the FBM Emas Shariah Index strengthened 34.75 points to 12,044.25. 

The FBM ACE expanded by 30.64 points to 7,053.23 and the FBM 70 went up 17.97 points to 14,240.18. 

Sector-wise, the Financial Services Index rose 46.7 points to 14,981.25, the Industrial Products and Services Index edged up 0.72 of-a-point to 186.52, and the Plantation Index bagged 2.21 points to 6,244.23.