KUALA LUMPUR, Malaysia (July 9): Early morning trade on Bursa Malaysia was slightly higher, owing to bargain-hunting activity, which helped the benchmark index maintain above the 1,500-level. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 5.15 points to 1,513.86 at 9:05 a.m., up from 1,508.71 at the closing on Thursday.
The market’s leading indicator opened 0.35 of a point lower at 1,508.36.
Gainers outnumbered losers 197 to 126 on the broader market, with 246 counters unchanged, 1,634 untraded, and 10 others suspended.
The company sold 240.14 million units worth RM135.80 billion.
Due to a lack of new positive catalysts, Malacca Securities anticipates the current cautious trading tone to prevail.
“Due to the large selldown and oversold tone across the board, we expect bargain-hunting activity may materialize in the short future. In terms of commodities, the price of oil has risen as a result of increased inventory drawdown “Today, it was stated in a research note.
Investors may see minor buying interest in the energy sector after a large selloff yesterday, according to the firm, with the oil price remaining over US$74.
“Apart from that, bargain-hunting activities may emerge in sectors such as transportation and logistics, vital consumer goods, and technology companies,” Malacca Securities said.
Malayan Banking Bhd rose six sen to RM8.09, Tenaga Nasional Bhd rose six sen to RM9.68, Public Bank Bhd and Petronas Chemicals Group Bhd each gained one sen to RM4.06 and RM8, respectively, while IHH Healthcare Bhd remained unchanged at RM5.60 and Press Metal Aluminium Holdings Bhd fell three sen to RM4.90.
Serba Dinamik Holdings Bhd increased 2.5 sen to 46.5 sen, My EG Services Bhd increased six sen to RM1.68, Pelikan International Corp Bhd increased two sen to 40.5 sen, T7 Global Bhd increased half a sen to 36.5 sen, and Macpie Bhd and AE Multi Holdings Bhd remained unchanged at seven sen and five sen, respectively.
The FBM Emas Index was 34.27 points higher at 11,023.02, the FBMT 100 Index was 32.69 points wider at 10,737, and the FBM Emas Shariah Index was 30.72 points higher at 12,044.21.
The FBM ACE rose 89.75 points to 7,153.27, while the FBM 70 increased 28.53 points to 14,275.93.
The Financial Services Index increased by 58.12 points to 14,934.98, the Industrial Products and Services Index decreased by 0.11 point to 186.37, and the Plantation Index increased by 18.08 points to 6,294.92./n
