Bursa makes modest gains in early trade

Bursa makes modest gains in early trade
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KUALA LUMPUR (Dec 9): Bursa Malaysia opened on a positive note on Thursday (Dec 9), bucking the uptrend momentum on Wall Street but activity remained tepid domestically.

At 9.15am, the benchmark FBM KLCI had added 0.47 of a point to 1,494.50 from 1,494.03 at Wednesday’s close.

The market bellwether opened 0.97 of a point lower at 1,493.06.

On the broader market, gainers led decliners 205 to 131, while 242 counters were unchanged, 1,719 untraded and 51 others suspended.

Turnover stood at 300.26 million units valued at RM104.05 million.

Malacca Securities Sdn Bhd said sentiment may remain cautiously optimistic while the market monitors the severity of the Omicron Covid-19 variant, as well as the outcome of the Federal Open Market Committee meeting next week.

Commodity-wise, oil prices continued to hover above the US$75 (about RM316.26) per barrel mark, while the crude palm oil market saw a mild decline.

In the US, stock markets recovered all their intraday losses to close mildly higher as the Dow rose 0.1% amid optimism over the vaccine booster that may neutralise the Omicron variant.

Malacca Securities said the domestic market may continue to see bargain hunting, as well as potential window-dressing activities towards year end.

Heavyweight IHH Healthcare Bhd rose four sen to RM6.59, while Axiata Group Bhd, Dialog Group Bhd and Genting Bhd gained three sen each to RM3.73, RM2.48 and RM4.50 respectively.

RHB Bank Bhd added five sen to RM5.43, while Top Glove Corp Bhd, Petronas Chemicals Group Bhd (PetChem) and Sime Darby Plantation Bhd increased two sen each to RM2.46, RM8.45 and RM3.78 respectively.

However, CIMB Group Holdings Bhd dropped five sen to RM5.23 and Petronas Gas Bhd (PetGas) was 14 sen weaker at RM16.38.

Of the actives, Sapura Energy Bhd and MMAG Holdings Bhd were unchanged at 5.5 sen and 9.5 sen respectively.

G3 Global Bhd eased three sen to 12 sen and ATA IMS Bhd slipped half a sen to 49 sen.

On the index board, the FBM Emas Index bagged 7.88 points to 10,908.05, the FBMT 100 Index gained 8.71 points to 10,610.56 and the FBM Emas Shariah Index was 22.36 points higher at 11,786.44.

The FBM 70 went up 32.92 points to 14,147.49 and the FBM ACE edged up 1.13 points to 6,290.43.

Sector-wise, the Industrial Products and Services Index perked up 0.41 of a point to 193.83, the Financial Services Index slid 25.48 points to 15,140.91 and the Plantation Index improved 4.02 points to 6,434.11.