FBM KLCI opens higher

FBM KLCI opens higher
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KUALA LUMPUR (July 7): The FBM KLCI opened slightly higher on bargain-hunting activities after the key index slid to a two-year low at the close on Wednesday (July 6).

At 9.05am on Thursday, the key index had risen by 2.44 points to 1,423.29 from Wednesday's close at 1,420.85.    

The benchmark index opened 0.19 of a point higher at 1,421.04.

On the broader market, gainers led losers 98 to 89, while 187 counters were unchanged, 1,850 untraded and seven others suspended.

Turnover stood at 76.8 million units worth RM41.18 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects bargain hunting to emerge on Thursday, especially for banking stocks, while plantation stocks may continue to slide in view of weaker crude palm oil prices which closed at RM3,965 per tonne on Wednesday.

“We expect the index to trend within the 1,415-1,430 range today (Thursday). Meanwhile, Brent crude eased further to around US$101 (about RM447.23)/barrel on lower demand," he told Bernama.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained three sen to RM8.65, CIMB Group Holdings Bhd rose three sen to RM5.13, Public Bank Bhd, Petronas Chemicals Group Bhd and IHH Healthcare Bhd were flat at RM4.39, RM8.65 and RM6.38 respectively, while Tenaga Nasional Bhd (TNB) fell two sen to RM7.92 and Press Metal Aluminium Holdings Bhd shed one sen to RM4.50.

As for the actives, Datasonic Group Bhd added one sen to 45 sen, Matang Bhd and Dagang NeXchange Bhd (DNeX) were flat at 9.5 sen and 75.5 sen respectively, Main Market debutant Seng Fong Holdings Bhd declined four sen to 71 sen, Hibiscus Petroleum Bhd shaved off 4.5 sen to 88 sen and Eduspec Holdings Bhd inched down half a sen to 1.5 sen.

On the index board, the FBM Emas Index bagged 14.36 points to 10,118.91, the FBM Emas Shariah Index increased 13.35 points to 10,162.06, the FBM 70 was 7.82 points higher at 12,181.09, the FBMT 100 Index improved 14.47 points to 9,876.91 and the FBM ACE went up 4.33 points to 4,631.05.  

Sector-wise, the Financial Services Index expanded 16.09 points to 16,081.85, the Industrial Products and Services Index gave up 0.44 of a point to 175.04, and the Plantation Index widened 34.77 points to 6,506.56.