KUALA LUMPUR, Dec 28 — Bursa Malaysia opened mostly flat on Wednesday as the benchmark index fluctuated between gains and losses at the start of the trading day.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.27 of-a-point higher at 1,474.96, compared to Tuesday’s closing of 1,474.69.
The market bellwether opened 1.14 points lower at 1,473.55.
On the broader market, gainers outpaced losers 149 to 133, while 227 counters were unchanged, 1,760 untraded and 25 others suspended.
Turnover amounted to 148 million units worth RM68.8 million.
Malacca Securities Sdn Bhd said the local bourse may be poised for recovery, supported by bargain-hunting activities as China’s loosening of Covid-19 quarantine measures should boost sentiment.
However, it believes that quick profit-taking activities on Wall Street could dampen demand for global equities.
The United States stock markets closed mixed, with the Dow Jones eking out marginal gains while the Nasdaq slipped as investors weighed the continuation of high yields, coupled with concerns over the economic outlook for 2023.
“As for commodities, Brent crude oil price steadied at above US$84 on prospects of reopening demand from China as well as Russia’s banning of supply to countries that impose a price cap.
“At the same time, crude palm oil price settled at above RM4,100,’’ it said in a note today, adding that this could be a catalyst for continuous demand for local energy and palm-related counters.
Meanwhile, most banking heavyweights on Bursa Malaysia recovered slightly from their heavy losses yesterday, with Maybank and CIMB increasing by three sen to RM8.67 and RM5.68, respectively, while RHB and Public Bank rose by two sen to RM5.67 and RM4.32, respectively.
Sime Darby Plantation dipped 10 sen to RM4.47 after the previous session’s rally, while IOI and KLK lost two sen to RM4.02 and RM21.72, respectively.
Of the actives, Cypark Advance was three sen higher at 47 sen, Berjaya inched up one sen to 30.5 sen and Top Glove added half-a-sen to 93 sen.
On the index board, the FBM Emas Index improved 4.02 points to 10,614.90 and the FBMT 100 Index went up 1.40 points to 10,323.03, while the FBM Emas Shariah Index dropped 13.98 points to 10,830.44, the FBM 70 Index decreased 0.25 of-a-point to 13,095.63, and the FBM ACE Index slipped 2.19 points to 5,351.46.
Sector-wise, the Financial Services Index recovered 48.48 points to 16.402.85 and the Industrial Products and Services Index edged up 0.06 of-a-point to 180.33, while the Plantation Index eased 36.39 points to 6,952.04 and the Energy Index was 0.40 of-a-point lower at 787.55. — Bernama
