Bursa Malaysia marginally higher in early session

Publish date: Tue, 06 Jun 2023, 10:04 AM

KUALA LUMPUR, June 6 (Bernama) - Bursa Malaysia rebounded to open slightly higher on Tuesday despite the Wall Street's weaker performance overnight as investors digested weaker-than-expected economic data ahead of next week's United States (US) Federal Reserve meeting.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.29 points to 1,382.55 from 1,381.26 at Friday's close.

The key index opened 0.84 of-a-point higher at 1,382.10.

The broader market was positive with advancers surpassing decliners 209 to 145, while 289 counters were unchanged, 1,600 untraded and 14 others suspended.

Turnover was 394.18 million units worth RM123.84 million.

Bursa Malaysia Bhd and its subsidiaries were closed on June 5, 2023, in conjunction with the birthday of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah.

In a note, Malacca Securities Sdn Bhd said it expects the local bourse to track the uptrend in regional markets, supported by bargain-hunting activities today.

"Investors may monitor Japan's and Eurozone's gross domestic product (GDP), as well as China's inflation rate to gauge the aggressiveness of global interest rate hikes," it said. 

The brokerage firm anticipates the financial sector to see a rebound following last week's selldown, while the renewable energy (RE) sector could continue to be in the limelight in line with the government's initiative to expand RE use in Malaysia.

"Besides, property-related counters may shine amidst optimism over economic recovery," it added. 

Among the heavyweights, Maybank and Petronas Chemicals increased by one sen to RM8.59 and RM6.56, respectively, and Public Bank added two sen to RM3.80, while Tenaga Nasional slid eight sen to RM9.34 and CelcomDigi decreased two sen to RM4.46. 

Among the actives, Classita and Bintai Kinden edged up 1.5 sen to 13.5 sen and eight sen, respectively, and Techna-X was one sen higher at 2.5 sen, while Bumi Armada lost 13.0 sen to 50.5 sen and Dagang NeXchange eased 1.5 sen to 50.0 sen. 

On the index board, the FBMT 100 Index declined 0.69 of-a-point to 9,907.76, the FBM Emas Shariah Index slid 2.25 points to 10,588.61, the FBM 70 Index shed 42.13 points to 13,562.51, while the FBM ACE Index garnered 2.11 points to 5,072.37, and the FBM Emas Index gained 0.44 points to 10,207.61. 

Sector-wise, the Financial Services Index advanced 24.60 points to 15,118.55, the Industrial Products and Services Index improved by 0.18 of-a-point to 159.96 and the Plantation Index ticked up 28.16 points to 6,652.72, while the Energy Index shrank 16.15 points to 795.13.


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