Bursa Malaysia opens firmer

Bursa Malaysia opens firmer.

KUALA LUMPUR: Bursa Malaysia opened on a positive note this morning, prompted by above expectation corporate results, rotational plays and bouts of portfolio adjustment exercises.

At 9.05am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 2.25 points to 1,638.75 after opening 3.26 points higher at 1,639.76.

The index closed 12.83 points higher at 1,636.50 yesterday.

For the broader market, gainers led losers 145 to 106, with 148 counters unchanged, 1,526 untraded and 63 others suspended.

Turnover stood at 96.69 million worth RM52.11 million.

Malacca Securities Sdn Bhd in a note said positive sentiment had helped boost the performance of key indices but was anticipating the FBM KLCI to tether near the overbought region, albeit there are still few signs of a pullback as yet.

“We see the gains as bargain hunting activities after the key index dipped below the 1,600 points level. It also remains to be seen how much more strength it can muster after the current round of gains, as the global equity market environment is still cautious, and that is likely to see continuing volatility.

“Therefore, the recent gains are unlikely to be prolonged and volatility is set to make a comeback,” it added.

Among heavyweights, IHH gained 11 sen to RM5.59, Sime Darby Plantation rose eight sen to RM4.64, Digi accumulated nine sen to RM4.84 and Public Bank perked four sen to RM23.64.

Of the actively-traded stocks, PCCS bagged six sen to 50.5 sen and its warrant gained four sen to 25.5 sen, as DRB-Hicom advanced 19 sen to RM2.17.But, Dayang was four sen easier at RM1 and Sapura Energy dropped one sen to 29 sen.

The FBM Emas Index rose 5.739 points to 11,4923.22, the FBMT 100 Index perked 7.940 points to 11,351.06 and the FBM Emas Shariah Index was up 8.189 points to 11,679.55. The FBM 70 slid 21.18 points to 14,051.28 and the FBM Ace fell 9.80 points to 4,296.48.

Sector-wise, the Financial Services Index improved 10.29 points to 16,777.74 and the Industrial Products & Services Index was 0.07 of-a-point higher at 159.36, but the Plantation Index eased 16.37 points to 6,827.61.