WORLD

BURSA MALAYSIA OPENS HIGHER ON BARGAIN HUNTING

18/06/2024 10:00 AM

By Rosemarie Khoo

KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia started this week on a positive note on bargain hunting following a consolidation mode in the last couple of sessions, an analyst said. 

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.26 points to 1,611.58 compared with 1,607.32 at last Friday’s close.

The FBM KLCI opened 2.07 points higher at 1,609.39.

Gainers led decliners 340 to 170, while 383 counters were unchanged, 1,507 untraded, and six others suspended.

Turnover totalled 275.18 million units worth RM132.59 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index is expected to move between 1,610 and 1,620 points today.

“The outlook for corporate Malaysia is improving premised on the broad-based upward revision in earnings growth to 8.2 per cent for 2025 following a respectable 16.1 per cent growth for this year,” Thong told Bernama.

Meanwhile, Wall Street closed higher due mainly to follow-through buying last week with the S&P 500 recording a fresh new high.

While traders are awaiting the latest US retail sales data today, the Dow Jones Industrial Average (DJIA) gained 189 points while the Nasdaq rose 168 points as the US 10-year yield inched higher at 4.28 per cent.

In Hong Kong, the Hang Seng Index pared earlier gains as profit-taking activities emerged amid a mixed set of economic data from China.

Crude oil prices rebounded as the Brent crude price trends closer to US$85 per barrel underpinned by improving demand outlook.

On the local bourse, heavyweights YTL Power and Telekom Malaysia rose 13 sen each to RM5.41 and RM6.65 respectively, Sime Darby gained 3.0 sen to RM2.56, IOI Corporation increased 4.0 sen to RM3.81, and IHH ticked up 5.0 sen to RM6.30. 

In the top losers list, Nestle shrank 90 sen to RM123.30, Dutch Lady dropped 38 sen to RM37.42, Allianz slid 14 sen to RM21.88, United Plantations dipped 10 sen to RM23.90, and Unisem eased 9.0 sen to RM4.28. 

Among the most active counters, Divfex added half-a-sen to 20.5 sen, Harvest Miracle Capital improved 1.0 sen to 10.5 sen, K-One Technology climbed 3.0 sen to 30 sen, ATA IMS climbed 10 sen to 44.5 sen, and MYEG added 2.0 sen to RM1.07. 

On the index board, the FBM Emas Index increased 33.56 points to 12,420.01, the FBMT 100 Index gained 29.77 points to 11,977.56, and the FBM Emas Shariah Index perked up 36.10 points to 12,763.59.

The FBM 70 Index garnered 37.68 points to 18,188.50 and the FBM ACE Index gained 40.80 points to 5,943.28.

Sector-wise, the Financial Services Index put on 18.52 points to 17,597.65, the Industrial Products and Services Index edged up 0.23 of-a-point to 200.62, the Energy Index rose 8.01 points to 995.91, and the Plantation Index improved 26.37 points to 7,034.87.

Bursa Malaysia was closed on Monday for Hari Raya Aidiladha celebration.

-- BERNAMA 

 

 


 


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