KUALA LUMPUR, July 14 ― Bursa Malaysia opened higher today as yesterday's bargain-hunting activities were extended in selected sectors of the broader market.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.66 points better at 1,521.22 compared with yesterday’s close of 1,519.56.   

The market bellwether opened 1.21 points higher at 1,520.77.

On the broader market, gainers and losers were equal at 161, while 295 counters were unchanged, 1,610 untraded, and nine others suspended.

Turnover increased to 453.91 million units worth RM165.38 million.

Malacca Securities Sdn Bhd said buying interest, however, may be limited amid concerns over the daily Covid-19 cases in the country which increased to a record high yesterday as more Delta variant cases were detected.

Meanwhile, it said the International Energy Agency (IEA) warned of a tighter oil market as the Organisation of the Petroleum Exporting Countries and its oil-producing allies (Opec+) were set to keep output levels unchanged despite rising global demand underpinned by global economic growth amid rising vaccination rates.

Crude oil is hovering above US$75 (RM315) per barrel, while crude palm oil traded closer to RM4,000 per tonne.

"With the oil prices sustaining above US$76 per barrel, we expect further buying interest in the oil and gas counters.

"Besides, traders may look out for glove stocks for shorter-term trade amid the spike in local Covid-19 daily confirmed cases. Buying interest within technology stocks could also continue over the near term,” said the brokerage firm in a note.

On technical outlook, it said the FBM KLCI was expected to find some support above the 1,500 level, with resistance set at 1,525-1,548.

Among the heavyweights, Maybank and TNB added one sen each to RM8.07 and RM9.67 respectively, Public Bank and CIMB gained two sen each to RM4.10 and RM4.52 respectively, and Petronas Chemicals and IHH were flat each at RM8.10 and RM5.64 respectively.

 Among the most active counters, Lambo was flat at one sen, Pelikan picked up one sen to 49 sen and Pasukhas improved four sen to 37 sen.

On the index board, the FBM Emas Index was 7.46 points higher at 11,062.95, the FBMT 100 Index climbed 7.92 points to 10,781.08, and the FBM Emas Shariah Index strengthened 0.87 of-a-point to 12,097.47.

The FBM ACE strengthened 42.25 points to 7,115.53 but the FBM 70 went down 4.63 points to 14,302.68.

Sector-wise, the Financial Services Index rose 36.51 points to 14,972.66 and the Industrial Products and Services Index edged up 0.04 of-a-point to 187.09, but the Plantation Index eased 14.06 points to 6,228.07. ― Bernama