KUALA LUMPUR, March 14 — Share prices on Bursa Malaysia opened marginally lower today, but rebounded thereafter on fresh buying support in selected heavyweights, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.34 of a point weaker at 1,696.2 to recover 4.42 points to 1,700.62 at 9.42am. 

The index finished 5.63 points higher at 1,696.54 last Friday on higher oil prices and the European Central Bank’s decision to cut interest rates.

RHB Retail Research expressed belief that the buying interest which started in early February, remained promising.

Meanwhile, Kenanga Research said the FBM KLCI could trend on an upward-bias within the 1,680-1,727 levels this week, boosted by the recent strong showing of crude oil prices, as well as Wall Street’s commendable gains last Friday. 

“Meanwhile, we are also looking forward to the upcoming US Federal Reserve meeting on March 15-16, for more guidance on the market direction,” it said.

On the scoreboard, the FBM Emas Index rose 27.72 points to 11,763.9, the FBMT100 Index gained 25.05 points to 11,473.15 and the FBM Emas Shariah Index surged 34.41 points to 12,443.69.

The FBM 70 improved 19.45 points to 12,949.29 and the FBM Ace advanced 10.03 points to 5,632.62.

Sector-wise, the Plantation Index was 56.31 points higher at 8,039.74, the Industrial Index improved 11.26 points to 3,298.69, while the Finance Index rose 3.36 points to 14,385.19.

Market breadth was positive with gainers beating losers 279 to 155, with 254 counters unchanged, 1,034 untraded and 12 others suspended.

Turnover stood at 322.51 million shares worth RM198.36 million.

Among heavyweights, Maybank increased one sen to RM8.82, Petronas Chemicals rose four sen to RM6.79 and Axiata improved two sen to RM6.00.

TNB and Public Bank were flat at RM13.40 and RM18.58 respectively. — Bernama