(Updated)

Bursa opens mixed, KLCI eases 0.08%

Bursa opens mixed, KLCI eases 0.08%
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KUALA LUMPUR (July 23): Bursa Malaysia opened mixed this morning as the key index declined by 0.08% after 10 minutes of trading, weighed down by selling of selected heavyweights, led by IHH Healthcare Bhd and PPB Group Bhd.

At 9.10am, the benchmark FBM KLCI had fallen 1.26 points to 1,526.36 from yesterday’s close at 1,527.62.  

The index opened 0.59 of a point higher at 1,528.21.

On the broader market, gainers outpaced losers at 243 versus 184, while 271 counters were unchanged, 1,538 untraded and 31 others suspended.

Turnover stood at 330.53 million units worth RM179.49 million.

In a research note today, Malacca Securities Sdn Bhd said the KLCI is expected to build on the previous session’s gains, with the focus now shifting back towards the economic recovery progress.

“Still, we remain cautious as there are few domestic leads over the near-term outlook and this will further curtail any extended potential upside,” the brokerage said in a research note today.

Nevertheless, it said the general market undertone is improving, and this will allow the lower liners to experience a decent recovery after a difficult two-month period that saw many stocks veering into the oversold region. 

Malacca Securities said the technology sector is expected to rise, mirroring the Nasdaq’s positive overnight performance.

“Consumer products as well as the transport and logistics sectors may be in focus in anticipation of improving consumer spending in the coming months alongside gradual resumption of economic activities,” it added.

Additionally, the brokerage said firmer crude oil prices due to tight supplies and improving demand may help to boost the energy sector.

Of the heavyweights, IHH Healthcare shed seven sen to RM5.73, PPB Group trimmed 26 sen to RM18.24, MISC Bhd fell six sen to RM6.81, Petronas Dagangan Bhd (PetDag) eased 26 sen to RM18.60 and Hong Leong Financial Group Bhd (HLFG) narrowed 22 sen to RM17.62. 

Meanwhile, Malayan Banking Bhd (Maybank) rose two sen to RM8.06, Public Bank Bhd added one sen to RM4.03, Tenaga Nasional Bhd (TNB) gained three sen to RM9.77 and Petronas Chemicals Group Bhd (PetChem) was flat at RM8.08. 

Among the actives, Hwa Tai Industries Bhd jumped 13.5 sen to RM1.07, YBS International Bhd increased two sen to 53.5 sen, Pasukhas Group Bhd inched up half a sen to 11 sen, Lambo Group Bhd advanced six sen to 31 sen, BCM Alliance Bhd increased 3.5 sen to 13 sen and Kanger International Bhd edged down half a sen to seven sen.  

On the index board, the FBM Emas Index increased 3.28 points to 11,191.68, the FBMT 100 Index went up 1.69 points to 10,889.45 and the FBM ACE advanced 21.64 points to 7,403.80.   

The FBM Emas Shariah Index was 2.68 points better at 12,324.67, while the FBM 70 perked 43.87 points to 14,728.47.   

Sector-wise, the Financial Services Index increased 4.82 points to 14,889.33, the Industrial Products and Services Index edged up 0.07 of a point to 190.18, and the Plantation Index declined 4.81 points to 6,283.66.