Bursa Malaysia opens higher

KUALA LUMPUR (July 22): Bursa Malaysia opened higher this morning, in line with Wall Street’s better overnight performance.

At 9.05am, the benchmark FBM KLCI had risen 4.21 points to 1,520.73 from yesterday’s close at 1,516.52.

The index opened 2.48 points higher at 1,519.0 today.

Gainers outpaced losers at 233 versus 111, while 236 counters were unchanged, 1,664 untraded and 26 others suspended.

Turnover stood at 293.24 million units worth RM118.68 million.

In a research note today, Malacca Securities Sdn Bhd believes that the high Covid-19 cases recently may shift investors’ focus to the healthcare sector, while on the broader market, sentiment could stay tepid in the absence of fresh catalysts.

Investors may also be on the lookout for Malaysia’s inflation rate data to be released tomorrow, it added.

“On the local front, technology stocks may mirror the Nasdaq’s positive overnight performance ahead of the reporting season in the US.

“Additionally, investors may pick up stocks in the healthcare sector ahead of the reporting season on expectations of solid results amid the high daily Covid-19 cases,” it added.

Of the heavyweights, IHH Healthcare Bhd gained four sen to RM5.78, Hong Leong Financial Group Bhd advanced 20 sen to RM17.78, Tenaga Nasional Bhd (TNB) and MISC Bhd both added three sen to RM9.74 and RM6.83 respectively, and Top Glove Corp Bhd added two sen to RM4.18, while Telekom Malaysia Bhd (TM) declined three sen to RM5.99.

Among the actives, Pasukhas Group Bhd increased one sen to 12 sen, Dagang NeXchange Bhd (DNeX) went up 1.5 sen to 76.5 sen, CWG Holdings Bhd jumped 15.5 sen to 62.5 sen and Sapura Energy Bhd inched up half a sen to 13 sen, while Borneo Oil Bhd, Kanger International Bhd and Serba Dinamik Holdings Bhd were flat at three sen, 7.5 sen and 43 sen respectively.

On the index board, the FBM Emas Index increased 35.83 points to 11,139.17, the FBMT 100 Index firmed 34.84 points to 10,841.01 and the FBM ACE advanced 64.32 points to 7,367.19.

The FBM Emas Shariah Index was 39.49 points better at 12,255.44 and the FBM 70 perked 65.89 points to 14,630.82.

Sector-wise, the Financial Services Index increased 46.88 points to 14,841.12, the Plantation Index added 10.24 points to 6,183.65, and the Industrial Products and Services Index edged up 0.32 of a point to 188.67.

Source: TheEdgeMarkets