KUALA LUMPUR, Sept 30 — Bursa Malaysia opened marginally higher today lifted by mild buying support on selected heavyweight stocks after last Friday’s selling activities, dealers said.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.12 points to 1,585.26 from Friday’s close of 1,584.14.

However on the broader market, losers slightly outpaced gainers 115 to 97, while 164 counters were unchanged, 1,618 untraded and 63 others suspended.

Turnover amounted to 94.81 million shares worth RM29.19 million.

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The higher benchmark index was limited by the extension of selling activity in lower liner shares.

Malacca Securities Sdn Bhd said the local stocks are expected to perform better today following the extension granted by FTSE Russell last Friday for Malaysian government bonds to meet the listing requirements.

It gave another six month’s grace for Malaysian government bonds to meet liquidity requirements to stay on the World Bond Index.

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“However, due to the overwhelming selling last week, it appears that market players are still unconvinced of Malaysian stocks near term direction with the bearish trend sustaining amid the lack of fresh buying.

“Consequently, we think that the near term outlook will remain and the key index is still poised for further downside bias over the near term,” it said in a note.

The online trading house said as it is, the broad market conditions are staying dour with fewer impetuses to drive market sentiments and this could also mean that the key index could retest the 1,580 level again.

“If the level also fails to hold, the year low of 1,572 level could be retested.

“The resistances, on the other hand, are at the 1,590-1,600 levels,” it added.

On index performance, heavyweights Maybank and CIMB rose two sen each to RM8.62 and RM5.03 respectively, while Public Bank, Tenaga and IHH were flat each at RM20.04, RM13.60, and RM5.70 respectively.

Petronas Chemicals increased three sen to RM7.56.

For the actives, Sapura Energy, Bumi Armada and Eduspec each lost half-a-sen to 28 sen, 33 sen and four sen respectively.

The FBM Emas Index recovered 5.36 points to 11,211.25, the FBMT 100 Index was up 5.44 points to 11,044.06 and the FBM Emas Shariah Index was 1.68 points higher at 11,762.85.

The FBM 70 slipped 2.72 points to 13,927.98 and the FBM Ace was down 23.82 points to 4,529.01.

Sector-wise, the Financial Services Index advanced 29.98 points to 15,347.35, the Plantation Index added 6.60 points to 6,730.17 and the Industrial Products & Services Index was 0.16 of-a-point firmer at 153.29. — Bernama