Bursa Malaysia Opens Higher On Bargain Hunting

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, May 28 (Bernama) -- Bursa Malaysia opened higher, supported by bargain hunting and tracking the positive performance of Wall Street overnight.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) improved 5.23 points, or 0.34 per cent, to 1,531.3926.16 from Tuesday’s close of 1,526.16.

The benchmark index opened 3.98 points higher at 1,530.14.

In the broader market, gainers led decliners 212 to 124, with 267 counters unchanged, 1,793 untraded and 50 suspended.

Turnover stood at 182.59 million units worth RM103.22 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street rallied as Trump’s tariff threat on the European Union was pushed back.

“Though uncertainties remain, traders are confident that some sort of deal may be agreed on.

“Meanwhile, the US consumer confidence for May came in higher than expected with the US 10-year yield easing to 4.446 per cent,” he told Bernama.

Back home, Rakuten Trade is hoping for an immediate rebound above the 1,530 mark. Thus, expect the index to hover within the 1,525-1,540 range today, said Thong.

“As for corporate earnings so far, we believe all is well for corporate Malaysia,” he added.

Among heavyweight counters, Maybank and CIMB bagged three sen each to RM9.88 and RM6.93, respectively. Public Bank added one sen to RM4.39, Tenaga jumped 16 sen to RM14.16, while IHH Healthcare was flat at RM6.90.

As for active stocks, Velesto and SFP Tech inched up half-a-sen each to 17 sen and 21 sen, respectively, Oasia Home and Thriven inched down half-a-sen to 27.5 sen and 9.5 sen, respectively, while NexG was flat at 36.5 sen

On the index board, the FBM Emas Index rose 37.25 points to 11,434.31, the FBMT 100 Index was 38.46 points better at 11,198.83, but the FBM ACE Index eased 0.97 of-a-point to 4,572.63.

The FBM Emas Shariah Index increased 39.88 points to 11,394.00, and the FBM 70 Index gained 56.90 points to 16,280.21. 

Across the sectors, the Financial Services Index improved 37.16 points to 18,085.84, the Industrial Products and Services Index inched down 0.02 of-a-point to 153.42, the Energy Index added 2.26 points to 700.92, while the Plantation Index fell 39.06 points to 7,337.58. 

-- BERNAMA