Bargain hunting lifts Bursa to open higher

TheEdge Fri, Dec 08, 2023 09:49am - 4 months View Original

KUALA LUMPUR (Dec 8): Bursa Malaysia opened higher on Friday, supported by mild bargain hunting.

At 9.10am, the FBM KLCI had risen 0.52 point to 1,443.37, from Thursday's close at 1,442.85.

The barometer index opened 1.12 points better at 1,443.97.

There were 153 gainers and 139 losers, while 241 counters were unchanged, 1,804 untraded, and 36 others suspended. 

Turnover amounted to 153.35 million units worth RM58.78 million.

At home, Rakuten Trade equity research vice-president Thong Pak Leng said with the benchmark index near an oversold level, bargain hunting may further occur.

"Despite this, investors are advised to stay vigilant, due to rising global volatility and uncertainties.

"We anticipate the KLCI to trend higher within the 1,440-1,450 range today (Friday)," he noted.

In overseas markets, investors were awaiting the outcome of the crucial non-farm payrolls later on Friday night after the initial job claims data and softer job openings.

Among the heavyweights, Malayan Banking Bhd (Maybank) at RM9.01, Public Bank Bhd at RM4.26, and IHH Healthcare Bhd at RM5.82 were all unchanged.

CIMB Group Holdings Bhd lost two sen to RM5.74, while Tenaga Nasional Bhd bagged two sen to RM9.92.

Among the most active counters, Asdion Bhd rose 1.5 sen to 8.5 sen, Sarawak Consolidated Industries Bhd eased three sen to 78 sen, and Vizione Holdings Bhd added one sen to six sen.

On the index board, the FBM Emas Index recovered 6.41 points to 10,625.50, the FBMT 100 Index improved 5.74 points to 10,296.88, and the FBM Emas Shariah Index advanced 15.78 points to 10,743.84.

The FBM 70 Index perked 16.55 points to 13,893.79, and the FBM ACE Index was 11.61 points higher at 5,076.34.

Sector-wise, the Financial Services Index lost 9.96 points to 16,325.78, while the Energy Index edged down 1.04 points to 787.08.

The Plantation Index increased by 0.11 of a point to 6,954.52, and the Industrial Products and Services Index put on by 0.11 of a point to 169.08.

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