Bursa Malaysia Opens Higher As West Asia Tensions Ease
KUALA LUMPUR, July 27 (Bernama) -- Bursa Malaysia rebounded to open higher on Monday as easing tensions in West Asia lifted market sentiment after the United States paused airstrikes over the weekend.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.05 points to 1,703.07 from last Friday's close of 1,701.02.
The benchmark index opened 2.63 points higher at 1,703.65.
Across the broader market, gainers outpaced losers 184 to 148, while 262 counters were unchanged, 2,179 untraded and 53 suspended.
Turnover totalled 105.06 million shares worth RM54.08 million.
Malacca Securities Sdn Bhd said easing geopolitical concerns, softer energy prices and investors' renewed focus on upcoming Big Tech earnings and the US Federal Reserve's interest rate decision could spur a modest rebound after last week's sell-off.
The brokerage also expects institutional interest in plantation stocks to strengthen, supported by crude palm oil prices holding above RM4,500 per tonne and tighter supply due to El Nino conditions.
"The return of Formula One to Malaysia in October could boost tourist arrivals and support consumer-related stocks, with accommodation already fully booked and room rates having tripled," it said in a note today.
Among heavyweights, Maybank and Public Bank gained four sen each to RM10.82 and RM5.15, respectively. CIMB added six sen to RM7.74, IHH Healthcare was unchanged at RM8.30, while Tenaga Nasional fell four sen to RM14.32.
Among active stocks, Capital A rose half-a-sen to 37.5 sen, AIMAX was unchanged at one sen, while Tanco Holdings and HHRG lost 1.5 sen each to 24.5 sen and 13.5 sen, respectively. Velesto Energy slipped one sen to 2.5 sen.
Among the top gainers, Nestlé advanced 36 sen to RM90.98, KLCC Property & REIT and Sarawak Plantation climbed 12 sen each to RM8.90 and RM4.50, respectively, Petronas Gas gained 10 sen to RM17.50, while MHC Plantation added eight sen to RM1.95.
Dutch Lady Milk Industries led the losers, falling 38 sen to RM31.62. Petronas Chemicals shed 23 sen to RM4.69, Chin Teck Plantations lost 14 sen to RM11.20, Hong Leong Industries declined 10 sen to RM17.72, and Petronas Dagangan slipped eight sen to RM19.24.
Among the broader indices, the FBM Emas Index gained 16.26 points to 12,605.80, the FBMT 100 Index rose 17.30 points to 12,429.26 and the FBM Mid 70 Index added 35.03 points to 17,925.87.
The FBM Emas Shariah Index, however, slipped 8.67 points to 12,435.58, while the FBM ACE Index eased 1.71 points to 4,925.16.
By sector, the Financial Services Index advanced 75.64 points to 20,132.75. The Energy Index fell 5.68 points to 768.15, the Industrial Products and Services Index edged down 1.19 points to 186.67, and the Plantation Index slipped 1.96 points to 9,299.02.
-- BERNAMA