Bursa Opens Higher As Improving Regional Sentiment Spurs Bargain Hunting

By Harizah Hanim Mohamed

KUALA LUMPUR, July 22 (Bernama) -- Bursa Malaysia edged up 0.19 per cent at the opening bell on Tuesday, supported by expectations of bargain hunting amid improving regional sentiment.

At 9.06 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.88 points to 1,527.47 from last yesterday’s close of 1,524.59.

The benchmark index was 1.70 points higher at 1,526.29 at the opening bell.

Turnover stood at 128.25 million shares worth RM67.52 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI pared losses yesterday due to late buying.

“Nonetheless, the above-average trading volume indicates higher trading opportunities. We expect bargain hunting may arise due to improving sentiment across the region.  

“As such, we anticipate the benchmark index to trend within the range of 1,520-1,530 today,” he told Bernama.

Among the heavyweight counters, Maybank added five sen to RM9.57, TNB and CIMB were two sen better at RM13.80 and RM6.54, Public Bank was flat at RM4.30, while IHH was down two sen to RM6.61.

Active counters were led by NexG, which added one sen to 51.5 sen, TWL erased half-a-sen to 2.5 sen, Green Packet was flat at four sen, and MNC Wireless warrant was one sen better at five sen.    

On the broader index board, the FBM Emas Index was 20.0 points higher to 11,481.93, the FBMT 100 Index rose 21.30 points to 11,246.12, and the FBM Emas Shariah Index was up 15.97 points to 11,525.68.

The FBM 70 Index went up 31.75 points to 16,671.63, while the FBM ACE Index trimmed 6.56 points to 4,631.12.

By sector, the Financial Services Index put on 40.24 points to 17,360.65, the Energy Index edged down 0.68 of a point to 738.82, and the Plantation Index slipped 1.59 points to 7,419.45. The Industrial Products and Services Index improved 0.11 of a point to 155.75.

-- BERNAMA