KUALA LUMPUR, Nov 19 ― Bursa Malaysia opened higher today on bargain-hunting in selected heavyweights led by Petronas Gas and Sime Darby Plantation.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.59 points to 1,526.38 from 1,523.79 at yesterday’s close.

The index opened 1.59 points better at 1,525.38.

On the broader market, gainers led losers 175 to 160, while 250 counters were unchanged, 1,738 untraded and 20 others suspended.

Total volume stood at 214.78 million units worth RM830.31 million.

Malacca Securities Sdn Bhd said while bargain-hunting may emerge in selected sectors, increasing volatility across regional bourses, coupled with the concerns over upcoming corporate earnings, may continue to dent investors’ sentiment.

“Also, the Melaka state election may dampen trading activities across the local bourse,” it said in a note.

The research firm said the US stock markets ended mixed as the Dow (0.2 per cent) fell amid the on-going concern over inflationary pressure, but the S&P 500 (0.4% per cent) and Nasdaq (0.5 per cent) were driven by gains in technology shares.

“Back home, technology company Inari Amertron Bhd is speculated to be included into the FBM KLCI in the upcoming FTSE semi-annually review.

“Besides, investors may focus on sectors with high earnings visibility such as banking and plantation stocks amid the earning season; the latter may gain traction as crude palm oil prices saw rebound signs,” it said.

Among heavyweights, Maybank and Petronas Chemical were flat at RM8.04 and RM8.31, respectively, while Public Bank and IHH Healthcare added two sen to RM4.07 and RM6.55, respectively.

Of the actives, Tanco eased half-a-sen to 26.5 sen, KNM fell one sen to 17 sen and Avillion bagged one sen to 14 sen.

On the index board, the FBM Emas Index gained 16.67 points to 11,248.13, the FBMT 100 Index increased 15.09 points to 10,902.60, the FBM Emas Shariah Index added 16.71 points to 12,229,07, while the FBM ACE weakened 8.41 points to 6,808.47, and the FBM 70 was 7.13 points lower at 14,797.13.

Sector-wise, the Financial Services Index rose 22.69 points to 15,195.68, the Industrial Products and Services Index inched up 0.15 of-a-point to 199.28, and the Plantation Index bagged 22.48 points to 6,614.02. ― Bernama