Bursa Malaysia Opens Higher On Bargain Hunting
By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, June 24 (Bernama) -- Bursa Malaysia opened higher on Wednesday, rebounding from yesterday's losses as bargain hunting in selected blue-chip stocks lifted sentiment, an analyst said.
At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.55 points, or 0.27 per cent, to 1,684.47 from Tuesday's close of 1,679.92. The index opened 2.11 points higher at 1,682.03.
Market breadth was positive, with gainers outnumbering decliners 208 to 142. A total of 244 counters were unchanged, 2,146 untraded and 41 suspended.
Turnover stood at 128.79 million shares worth RM85.64 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street ended mixed overnight as investors locked in gains in technology, industrial and basic materials stocks following their recent rally.
He said regional sentiment remained fragile, with Hong Kong's Hang Seng Index retreating amid persistent weakness in Chinese equities and subdued investor confidence.
Thong noted that concerns surrounding the United States-Iran peace deal, coupled with renewed selling in US technology stocks, had weighed on sentiment across Asian markets, prompting profit-taking in artificial intelligence (AI) and semiconductor-related counters.
"Despite the cautious sentiment, attractive valuations in selected blue-chip stocks could provide support to the local market.
"We expect the FBM KLCI to trade within the 1,675-1,690 range today," he told Bernama.
Among heavyweight stocks, Maxis gained 4.0 sen to RM3.28, IOI Corporation and Gamuda added 5.0 sen each to RM4.35 and RM4.39 respectively, CelcomDigi rose 3.0 sen to RM2.68, while SD Guthrie advanced 6.0 sen to RM6.14.
Among active counters, Dagang Nexchange and GIIB rose half-a-sen each to 43 sen and 44 sen, respectively, AirAsia X added 1.0 sen to RM1.32, Pentech fell 1.5 sen to 31.5 sen, while Tanco was unchanged at 13.5 sen.
On the gainers' list, Nestle climbed 76 sen to RM95.76, F&N rose 46 sen to RM28.36, United Plantations gained 28 sen to RM33.24, while UWC and Hong Leong Financial Group advanced 20 sen each to RM6.30 and RM18.52, respectively.
Among the top losers, Dutch Lady Milk Industries shed 58 sen to RM31.92, Kuala Lumpur Kepong lost 28 sen to RM21.32, PPB fell 9.0 sen to RM9.32, while Frontken and KESM declined 7.0 sen each to RM4.83 and RM3.83, respectively.
On the broader market, the FBM Emas Index gained 31.18 points to 12,471.85, the FBM Top 100 Index rose 31.12 points to 12,308.36, and the FBM Emas Shariah Index added 29.80 points to 12,342.28.
The FBM Mid 70 Index advanced 36.11 points to 17,814.83, while the FBM ACE Index strengthened 9.91 points to 4,729.59.
Sector-wise, the Financial Services Index climbed 54.85 points to 19,828.03, the Energy Index gained 2.35 points to 749.81, the Plantation Index rose 17.62 points to 8,985.34, and the Industrial Products and Services Index edged up 0.25 of-a-point to 184.43.
-- BERNAMA