KUALA LUMPUR (Jan 16): Bursa Malaysia opened slightly lower on Monday (Jan 16) but rebounded after that, supported by mild buying interest in selected heavyweights, in line with positive momentum in regional markets, dealers said.

At 9.25am, the benchmark FBM KLCI had improved by 0.75 point to 1,495.78, from last Friday's close at 1,495.03.

The market bellwether opened 0.22 point weaker at 1,494.81.    

In the broader market, gainers surpassed decliners 249 to 203, while 305 counters were unchanged, 1,445 untraded, and 28 others suspended.

Turnover amounted to 558.12 million units worth RM198.33 million.

Malacca Securities Sdn Bhd said the positive sentiment on Wall Street last Friday may spill over to the local bourse. “Traders may focus on China’s reopening theme, while awaiting Malaysia’s inflation data and Bank Negara Malaysia’s interest rate decision this week,” it said in a research note on Monday.

Commodities-wise, the brokerage noted that the Brent crude oil price climbed above US$85 per barrel, while the price of crude palm oil consolidated below RM3,850 per tonne, whereas the price of gold rose above US$1,900 per ounce.

“The technology sector should see buying momentum building up, as the Nasdaq has steadied above the 11,000-point level.

“And investors can add exposure to banking stocks, ahead of Malaysia’s interest rate decision. In view of the rising gold price, trading interest could be seen in gold counters,” it added.

Among the heavyweights, Malayan Banking Bhd (Maybank) slipped two sen to RM8.84 a share, CIMB Group Holdings Bhd edged down one sen to RM5.77, and Tenaga Nasional Bhd (TNB) declined six sen to RM9.42. Public Bank Bhd was unchanged at RM4.33, and Petronas Chemicals Group Holdings was flat at RM5.99.

As for the actives, Velesto Energy Bhd earned half a sen to 18 sen, while Serba Dinamik Holdings Bhd was flat at two sen, and Eduspec Holdings Bhd was unchanged at 1.5 sen.

On the index board, the FBM Emas Index expanded 12.28 points to 10,798.08, the FBMT 100 Index strengthened 11.61 points to 10,494.18, and the FBM Emas Shariah Index climbed 28.48 points to 11,005.20.

The FBM 70 Index grew 42.29 points to 13,422.96, and the FBM ACE Index pushed up 5.39 points to 5,460.87.  

Sector-wise, the Financial Services Index fell 18.07 points to 16,603.08, and the Industrial Products and Services Index inched up 1.0 point to 186.29. 

The Plantation Index ticked up 6.73 points to 6,929.64, and the Energy Index garnered 1.23 points to 824.17.