Bursa Malaysia Remains Firm As Investor Sentiment Improves

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia extended yesterday's gains to open higher today, despite mixed overnight cues from Wall Street and a generally weaker opening by regional markets.

Analysts said sentiment was lifted after Prime Minister Datuk Seri Anwar Ibrahim ruled out a snap 16th General Election in the near term and reiterated the government's focus on maintaining national stability and driving economic recovery.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.26 points, or 0.25 per cent, to 1,687.52 from Thursday's close of 1,683.26.

The index opened 3.19 points higher at 1,686.45.

Market breadth, however, was negative, as losers outnumbered gainers 187 to 167, while 286 counters were unchanged, 2,035 untraded, and 12 suspended.

Turnover stood at 175.69 million shares worth RM102.49 million.

Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng said the FBM KLCI finally snapped its week-long downtrend, closing above the 1,680 level yesterday due to broad-based bargain-hunting activities.

“The recent sell-down by foreign funds may be attributed to some Yen carry trades, and yesterday’s rebound illustrates a possible tail-end for such activities.

“As such, we expect the index to trend in the 1,680-1,695 range today,” he told Bernama.

Among heavyweights, Maybank added four sen to RM10.64, Public Bank gained five sen to RM4.83, and both Tenaga Nasional and CIMB increased six sen to RM14.16 and RM7.41, respectively, while IHH fell seven sen to RM8.72.

Of the active stocks, HHRG inched up half-a-sen to 10 sen, and Skyechip bagged three sen to RM2.95. Pharmaniaga and GIIB were half-a-sen lower at 28.5 sen and 46.5 sen, respectively, while MAG was flat at 17.5 sen.

As for the top gainers, United Plantation rose 44 sen to RM31.74, Nestle improved 26 sen to RM95.38, Hong Leong Bank added 22 sen to RM21.20, Ajinomoto increased 10 sen to RM14.34, and Gas Malaysia bagged six sen to RM5.47.

Among the top losers, Malaysian Pacific Industries dropped 46 sen to RM46.98, UMS Integration lost 21 sen to RM8.02, Kelington and Petronas Gas slipped 18 sen each to RM7.72 and RM17.02, respectively, and Hextar decreased 10 sen to RM1.08.

On the index board, the FBM Emas Index advanced 22.56 points to 12,584.08, while the FBM Top 100 Index increased 22.91 points to 12,420.84, and the FBM Emas Shariah Index edged up 0.80 of a point to 12,573.45.

The FBM Mid 70 Index declined 2.12 points to 18,363.82, and the FBM ACE Index edged down 7.41 points to 4,716.53.

By sector, the Financial Services Index rose 116.39 points to 19,661.88, while the Industrial Products and Services Index eased 0.03 of a point to 198.40, the Energy Index slid 0.08 of a point to 792.30, and the Plantation Index trimmed 3.16 points to 8,695.79.

-- BERNAMA