FBM KLCI opens higher

TheEdge Wed, Jul 06, 2022 09:45am - 1 year View Original


KUALA LUMPUR (July 6): The FBM KLCI opened slightly higher on Wednesday morning (July 6), lifted by gains in banking stocks, led by Public Bank Bhd and CIMB Group Holdings Bhd.

Public Bank gained five sen to RM4.46 and CIMB increased six sen to RM5.11. 

At 9.32am, the key index had risen by 2.78 points to 1,443.59 from Tuesday's close at 1,440.81.    

The benchmark index opened 1.76 points higher at 1,442.57.   

On the broader market, losers led gainers 234 to 187, while 241 counters were unchanged, 1,561 untraded and seven others suspended.

Turnover stood at 353.47 million units worth RM157.75 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects the buying momentum to persist on the local bourse, but noted that the recent decline in crude palm oil (CPO) prices might result in selling pressure on plantation stocks.

“CPO prices dipped to below RM4,200 per tonne due to increasing stockpiles, while Brent crude also eased to below US$103 (about RM455.78) per barrel on recessionary fears.

“Therefore, we anticipate the index to trend within the 1,430-1,450 range today (Wednesday),” he told Bernama.

Meanwhile, Malacca Securities said all eyes would be on Bank Negara Malaysia’s Monetary Policy Committee (MPC) meeting and the interest rate decision to follow on Wednesday.

“Additionally, with the Nasdaq’s strong rebound overnight, we believe that buying support will spill over to the tech sector on the local front, and traders may also favour banking stocks ahead of the conclusion of the MPC meeting.

“We also reckon that traders are likely to avoid the energy and plantation sectors amid declining commodity prices,” the brokerage firm said in a research note on Wednesday. 

Among the heavyweights, Malayan Banking Bhd (Maybank) added three sen to RM8.64 and IHH Healthcare Bhd went up two sen to RM6.42, while Petronas Chemicals Group Bhd shed 14 sen to RM8.98, Tenaga Nasional Bhd (TNB) slipped three sen to RM7.99 and Hong Leong Bank Bhd trimmed 20 sen to RM20.42.

As for the actives, Ekovest Bhd rose one sen to 41.5 sen, Vinvest Capital Holdings Bhd went up 1.5 sen to 19 sen, Serba Dinamik Holdings Bhd and Datasonic Group Bhd edged up half a sen each to 8.5 sen and 45.5 sen respectively, Sapura Energy Bhd was flat at 4.5 sen, Hibiscus Petroleum Bhd discounted seven sen to 93 sen and KNM Group Bhd fell half a sen to 12 sen.   

On the index board, the FBM Emas Index bagged 10.90 points to 10,254.41, the FBM Emas Shariah Index decreased 15.22 points to 10,350.91, the FBM 70 slid 5.77 points to 12,301.79, the FBMT 100 Index improved 13.70 points to 10,007.70 and the FBM ACE increased 15.26 points to 4,662.23. 

Sector-wise, the Financial Services Index expanded 67.45 points to 16,151.63, the Industrial Products and Services Index was 1.65 points lower at 179.30, and the Plantation Index narrowed by 4.87 points to 6,810.51.

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