Bursa Malaysia Opens Higher On Resilient Domestic Demand
KUALA LUMPUR, Aug 24 (Bernama) -- Bursa Malaysia opened higher on Monday, supported by resilient domestic demand, although trading is expected to remain cautious as the ongoing earnings season keeps investors selective, an analyst said.
At 9.03 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 1.46 points to 1,737.94 from last Friday’s close of 1,736.48.
The benchmark index opened 1.83 points higher at 1,738.31.
Market breadth was positive, with gainers outnumbering losers 173 to 130. A total of 293 counters were unchanged, 2,278 untraded and 46 suspended.
Turnover stood at 147.53 million shares worth RM71.13 million.
Apex Securities Bhd analyst said the FBM KLCI is expected to trade with a mildly positive bias this week, supported by Wall Street’s overnight rebound and resilient domestic demand.
However, trading is likely to remain cautious as investors stay selective, with stock performance largely driven by corporate results and company developments, the analyst said.
“The upside could remain modest, however, as elevated US Treasury yields continue to weigh on global risk appetite, while ongoing West Asia tensions could keep oil prices volatile and add to inflationary concerns.
“Overall, we expect investors to remain selective, with defensive and domestically driven counters likely to remain relatively resilient amid ongoing external uncertainties,” the analyst said in a note.
Among the heavyweights, Maybank stood at RM10.60, while Public Bank gained three sen to RM5.12, CIMB Group rose one sen to RM7.96 and Tenaga Nasional advanced six sen to RM14.46. IHH Healthcare, however, fell eight sen to RM8.20.
On the most active list, NexG and AirAsia fell 3.5 sen each to 28.5 sen and 77.5 sen, respectively, while Dagang NeXchange, MAG Holdings and Compugates Holding were flat at 51 sen, 16 sen and 1.5 sen, respectively.
Top gainers included Kuala Lumpur Kepong, which surged 22 sen to RM21.86, while Sarawak Plantation added 18 sen to RM4.72, Sunway Construction rose 12 sen to RM8.02, Fraser & Neave gained 10 sen to RM26.60, and MNRB Holdings improved seven sen to RM3.02.
Among the top losers, Malaysian Pacific Industries fell RM1.24 to RM41.96, while KPJ Healthcare lost 22 sen to RM2.90, Petronas Gas gave up 20 sen to RM17.40, PPB Group declined 18 sen to RM10.10 and Allianz Malaysia slid 16 sen to RM22.12.
For the broader indices, the FBM ACE Index rose 15.50 points to 5,349.29, while the FBM 70 Index fell 59.35 points to 18,091.68 and the FBM Emas Shariah Index declined 13.13 points to 12,628.66.
The FBM Emas Index edged down 0.86 of a point to 12,831.42, while the FBM Top 100 Index lost 2.45 points to 12,648.47.
By sector, the Plantation Index rose 6.92 points to 9,447.57, while the Financial Services Index surged 33.26 points to 20,298.66.
The Industrial Products and Services Index edged up 0.16 of a point to 187.38, while the Energy Index gained 1.22 points to 778.25.
-- BERNAMA