Bursa Malaysia opens slightly higher on March 22

TheEdge Wed, Mar 22, 2023 10:56am - 2 months View Original

KUALA LUMPUR (March 22): Bursa Malaysia opened slightly higher on Wednesday (March 22), as the key index rose by 0.34% due to mild buying momentum in selected heavyweights. 

At 9.19am, the benchmark FBM KLCI rose 4.78 points to 1,411.33 from Tuesday’s close of 1,406.55, after opening 2.05 points higher at 1408.60.

In the broader market, gainers outpaced decliners 280 to 108, while 245 counters were unchanged, 1,640 untraded and seven others suspended.

Turnover stood at 415.84 million units worth RM169.29 million.

In a note on Wednesday, Malacca Securities Sdn Bhd expects the United States Federal Reserve (Fed)’s interest rate decision on Wednesday night to take the centre stage and investors to remain cautious ahead of the conclusion of the meeting, as aggressive rate hike or hawkish tone from the Fed is likely to hammer investors’ sentiment further. 

The brokerage added that the rallies in Wall Street may provide support to the local technology sector, while the banking sector may continue to gain ground amid easing fears about the banking crisis in the US.

“Investors may also favour the energy sector, given the rebound in crude oil prices,” it added.

Meanwhile, Bursa heavyweights Malayan Banking Bhd (Maybank) rose four sen to RM8.44, Public Bank Bhd grew two sen to RM4.01, CIMB Group Holdings Bhd climbed five sen to RM5.24, Petronas Chemicals Group Bhd (PetChem) was flat at RM6.82, and IHH Healthcare Bhd shed three sen to RM5.85.

Among the actives, Green Packet Bhd and Tanco Holdings Bhd rose one sen each to 5.5 sen and 47 sen respectively, Top Glove Corp Bhd edged up half-a-sen to 96.5 sen, Hong Seng Consolidated Bhd was flat at 13.5 sen, and Bintai Kinden Corp Bhd inched down half-a-sen to 7.5 sen. 

On the index board, the FBM Emas Index rose 40.17 points to 10,330.95, the FBMT 100 Index firmed 38.35 points to 10,025.68, and the FBM Emas Shariah Index grew 39.59 points to 10,657.87. 

The FBM 70 Index also climbed 69.49 points to 13,359.94, and the FBM ACE Index bagged 47.54 points to 5,308.59.   

Sector-wise, the Financial Services Index expanded by 49.77 points to 15,583.85, the Plantation Index went up 7.03 points to 6,759.35, the Energy Index added 9.59 points to 804.82, and the Industrial Products and Services Index went up 0.78 of-a-point to 167.79. 

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