Bursa opens higher, tracking overnight gains on Wall Street

TheEdge Tue, Sep 20, 2022 09:55am - 1 year View Original

KUALA LUMPUR (Sept 20): Bursa Malaysia opened higher on Tuesday (Sept 20), tracking the rebound on Wall Street overnight.

However, the market tone remained cautious ahead of the US Federal Reserve’s (Fed) interest rate decision in the middle of the week, a dealer said. 

At 9.10am, the benchmark FBM KLCI had risen by 4.17 points to 1,455.69 from Monday's close at 1,451.52.

The benchmark index opened 2.90 points better at 1,454.42.

On the broader market, gainers outpaced decliners 214 to 84, while 194 counters were unchanged, 1,874 untraded, and nine others suspended.

Turnover stood at 130.26 million units worth RM66.25 million.

Malacca Securities Sdn Bhd noted that the KLCI tumbled along with regional peers on Monday over global recession fears amid rising interest rates.

"We believe the local bourse will remain volatile at least until the Fed’s meeting in the middle of the week amid heightened expectations for hawkish monetary policy decisions,” it said in a research note. "Meanwhile, fears over a global recession may continue to weigh on commodity prices." 

Commodities-wise, it noted that the crude oil price hovered around the US$92 (RM418.83) per barrel mark, while the crude palm oil price had retraced from RM3,700.

The brokerage firm said with the slight rebound on Wall Street overnight, bargain-hunting activities are expected to emerge for technology stocks, at least for Tuesday’s session.

"We also like selected stocks under the energy sector as the Brent oil price is still hovering around US$92. Besides, investors may focus on the banking sector under the interest rate upcycle environment," it added.

Among the heavyweights, Public Bank Bhd added three sen to RM4.48, CIMB Group Holdings Bhd gained six sen to RM5.48 and IHH Healthcare Bhd improved one sen to RM6.17.

Petronas Chemicals Group Bhd slid one sen to RM8.58, while Malayan Banking Bhd (Maybank) was flat at RM8.63.

Of the actives, Main Market debutant AME Real Estate Investment Trust (REIT) gained five sen to RM1.18, Orgabio Holdings Bhd edged up half a sen to 37.5 sen, Top Glove Corp Bhd trimmed half a sen to 70 sen. Metronic Global Bhd was unchanged at two sen and UMediC Group Bhd too was flat at 75.5 sen.  

On the index board, the FBM Emas Index went up 36.97 points to 10,398.21, the FBMT 100 Index bagged 33.47 points to 10,136.92, the FBM Emas Shariah Index increased 30.54 points to 10,482.01, the FBM 70 advanced 59.22 points to 12,643.11 and the FBM ACE added 1.91 points at 4,761.31.

Sector-wise, the Energy Index was 7.4 points better at 730.88, the Plantation Index climbed 21.22 points to 6,895.15, the Financial Services Index rose 52.35 points to 16,421.97, and the Industrial Products and Services Index edged up 0.58 of a point to 178.62.

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BURSA 7.380
CIMB 6.480
FBMKLCI 1536.820
IHH 6.110
PBBANK 4.110
PCHEM 6.800
REIT 812.030
UMC 0.625


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