Bursa opens easier but rebounds thereafter
KUALA LUMPUR (May 25): Bursa Malaysia opened easier but rebounded thereafter, in line with the uptrend seen in regional markets, as investor sentiment was buoyed by overnight Wall Street gains.
At 9.06am, the benchmark FBM KLCI was 2.03 points, or 0.13%, firmer at 1,573.85 from 1,571.82 at yesterday’s close.
The index opened 2.82 points lower at 1,569.
On the broader market, gainers led losers 253 to 189, while 234 counters were unchanged, 1,526 untraded and 32 others suspended.
Total volume stood at 430.08 million units worth RM168.16 million.
Regionally, Singapore’s Straits Times Index advanced 0.38% to 3,135.48, Japan’s Nikkei rose 0.62% to 28,539.54 and Hong Kong’s Hang Seng Index was 0.17% higher at 28,461.50.
Despite the rise after the opening, Malacca Securities Sdn Bhd cautioned that profit-taking activities might emerge ahead of the Wesak Day holiday tomorrow.
“We expect a milder trading volume today, with the support level located at 1,555-1,565, while the resistance is pegged at 1,600, followed by 1,620,” it said in a note.
Meanwhile, Rakuten Trade Sdn Bhd noted that “nothing has really changed” after the key index staged a rebound yesterday due to some bargain-hunting activities.
“We believe the index will trend within a narrow range of 1,565-1,575 today,” it said in a separate note.
Among the heavyweights, Public Bank Bhd and IHH Healthcare Bhd bagged three sen each to RM4.19 and RM5.20 respectively, Petronas Chemicals Group Bhd (PetChem) increased six sen to RM7.98 and Tenaga Nasional Bhd (TNB) was one sen firmer at RM9.95, while Malayan Banking Bhd (Maybank) was flat at RM8.34.
Of the actives, Progressive Impact Corp Bhd added four sen to 18 sen and Privasia Technology Bhd inched up one sen to 27 sen, while Tanco Holdings Bhd eased half a sen to 14.5 sen, and UCrest Bhd and Sanichi Technology Bhd slipped 1.5 sen each to 42 sen and eight sen respectively.
Top gainer Malaysian Pacific Industries Bhd (MPI) leapt 54 sen to RM37.70, while top loser Nestlé (Malaysia) Bhd lost 30 sen to RM135.50.
On the index board, the FBM Emas Index improved 19.36 points to 11,472.41 and the FBMT 100 Index rose 17.31 points to 11,159.71.
The FBM Emas Shariah Index climbed 22.78 points to 12,764.52 and the FBM 70 elevated 34.29 points to 14,827.38, while the FBM ACE trimmed 1.86 points to 7,832.75.
Sector-wise, the Financial Services Index firmed 22.61 points to 14,898.82, the Plantation Index went up 5.37 points to 6,936.90, and the Industrial Products and Services Index ticked up 0.74 of a point to 191.63.
Source: TheEdgeMarkets