KUALA LUMPUR (Nov 28): Bursa Malaysia opened higher on mild bargain-hunting on Tuesday, after five consecutive days of decline, said an analyst. 

At 9.05am, the FBM KLCI had increased 1.95 points to 1,450.10, from Monday at 1,448.15. The barometer index opened 2.04 points better at 1,450.19.

Market breadth was almost flat, with gainers and losers being neck and neck at 134 to 133, while 236 counters were unchanged, 1,907 untraded, and 72 others suspended.

Turnover stood at 282.34 million units valued at RM54.20 million.

Rakuten Trade equity research vice-president Thong Pak Leng said Wall Street closed marginally lower, as traders took a breather following a solid performance this month.

As such, the Dow Jones Industrial Average lost 57 points (-0.16%), while the Nasdaq ended 10 points lower (-0.07%), with the US 10-year Treasury yield dipping to 4.39%.

Meanwhile, despite warnings from major retailers that consumer spending is weakening, many took this as a positive sign that the US Federal Reserve’s tightening may have achieved the desirable effects in slowing inflation.

Over in Hong Kong, the Hang Seng Index declined 34 points (-0.2%), as sentiment remained cautious ahead of China’s economic report, which should suggest a slowdown due to a lack of stimulus.

Meanwhile, BYD shares tumbled, amid a price war among electric vehicle makers.

On the home front, the KLCI closed below the 1,450 level on Monday, as trading remained lacklustre, due to a lack of fresh catalysts, coupled with weak performances across the region.

“Hence, expect bargain-hunting today (Tuesday), with the index hovering within the 1,445-1,455 range,” said Thong. 

Among the heavyweight counters on Tuesday, Sime Darby Bhd rose four sen to RM2.42, IHH Healthcare Bhd at RM5.83 and Petronas Chemicals Group Bhd at RM7.12 had added three sen each, Malayan Banking Bhd (Maybank) gained two sen to RM9.08, and Public Bank Bhd was one sen higher at RM4.25.

Of the actives, Vestland Bhd eased half a sen to 34.5 sen, and Malaysian Resources Corp Bhd (MRCB) shed two sen to 42 sen, while G3 Global Bhd at 2.5 sen and GFM Services Bhd at 22.5 sen were both flat, and JCY International Bhd rose half a sen to 23.5 sen.

On the index board, the FBM Emas Index bagged 10.33 points to 10,735.79, the FBMT 100 Index rose 10.07 points to 10,400.69, and the FBM Emas Shariah Index strengthened 9.71 points to 10,883.77.

The FBM ACE Index ticked up 11.51 points to 5,118.88, but the FBM 70 Index fell 3.24 points to 14,278.10.

Sector-wise, the Financial Services Index increased 25.76 points to 16,367.66, and the Plantation Index was 19.45 points higher at 6,962.90.

However, the Industrial Products and Services Index edged down 0.23 of a point to 172.01, and the Energy Index slid 0.81 of a point to 829.87.