In a note today, Malacca Securities believed buying support might emerge this week on the local bourse in line with the rebound in global stock markets.
It added that most of the sectors should be gaining momentum with focus on the key themes such as the revival of the Kuala Lumpur-Singapore high speed rail mega infrastructure projects and the ongoing Johor-region developments.
“Also, we expect the Large Scale Solar 5 (LSS5) recent announcements to bode well for solar-related engineering, procurement, construction and commissioning (EPCC) players on the exchange. We like consumer and telecommunications for their defensive characteristics as the latter may benefit from increased data centre investments in Malaysia,” it noted.
At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.78 of-a-point to 1,512.20 from Tuesday’s close of 1,512.98.
The barometer index opened 0.47 of-a-point easier at 1,512.51.
On the broader market, losers led gainers 203 to 163, while 264 counters were unchanged, 1,630 untraded and 10 others suspended.
Turnover amounted to 286.85 million units worth RM129.0 million.
Among the heavyweights, Tenaga Nasional gained two sen to RM10.80, IHH Healthcare went up three sen to RM6.20, CelcomDigi added one sen to RM4.20, Petronas Gas was flat at RM17.86, Maybank slipped one sen to RM9.30 while Public Bank and CIMB declined two sen each to RM4.37 and RM6.19.
As for the actives, ACE market debutant AGX Group increased three sen to 38 sen, Leform and Widad both advanced half sen to 16.5 sen and 12 sen, Sarawak Consolidated improved by two sen to 35 sen, Tanco was two sen higher at 56 sen, KNM was flat at 8.5 sen and Reneuco gave up 2.5 sen to 5.5 sen.
On the index board, the FBM Emas Index was 10.66 points weaker at 11,224.31, the FBMT 100 Index decreased 11.69 points to 10,887.53, the FBM 70 Index shed 41.34 points to 15,119.19, the FBM Emas Shariah Index reduced 10.25 points to 11,258.43 and the FBM ACE Index trimmed 3.94 points to 4,704.12.
Sector-wise, the Property Index rose 0.29 of-a-point to 907.93, the Plantation Index lost 1.37 points to 7,172.97 and the Energy Index added 2.25 points to 880.90.
The Financial Services Index gave up 17.36 points to 16,943.95, and the Industrial Products and Services Index eased 0.36 of-a-point to 172.14.