Bursa opens higher on buying support

TheEdge Mon, Feb 05, 2024 10:29am - 2 months View Original

KUALA LUMPUR (Feb 5): Bursa Malaysia opened slightly higher on Monday amid continued buying support, according to an analyst.

At 9.01am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.08 points to 1,517.66 from last Friday's close of 1,516.58.

The barometer index opened 0.67 of-a-point easier at 1,515.91.

On the broader market, gainers led losers 131 to 116, while 210 counters were unchanged, 1,779 untraded and 11 others suspended.

Turnover amounted to 78.64 million units worth RM21.62 million.

In a note on Monday, Malacca Securities expects buying support to continue this week.

"This week, the market will monitor the United States ISM Services PMI and unemployment claims data on Thursday," it added.

As the real estate investment trust (REIT) as well as transportation and logistic sectors' momentum were decent last week, Malacca Securities said there might be continued buying support this week with REIT supported by the stable overnight policy rate.

"Meanwhile, other trading catalysts such as the potential revival of the Kuala Lumpur-Singapore high-speed rail as well as the Johor region investments could bode well for the construction, property, utilities and building materials sectors," it added.

Among the heavyweights, CIMB Group Holdings Bhd gained two sen to RM6.25, CelcomDigi Bhd increased two sen to RM4.23, and IHH Healthcare Bhd advanced five sen to RM6.15, while Petronas Chemicals Group Bhd was flat at RM6.78, Malayan Banking Bhd declined two sen to RM9.32 and Public Bank Bhd shed one sen to RM4.42.

As for the actives, Sapura Energy Bhd added half-a-sen to five sen, Handal Energy Bhd was half-a-sen higher at 9.5 sen, KJTS Group Bhd increased seven sen to 54.5 sen, TWL Holdings Bhd was flat at four sen, Bina Puri Holdings Bhd was unchanged at seven sen and MAG Holdings Bhd slid half-a-sen to 19.5 sen.

On the index board, the FBM Emas Index was 7.60 points higher at 11,256.33, the FBMT 100 Index increased 7.63 points to 10,923.65, the FBM 70 Index improved by 9.91 points to 15,156.11, the FBM Emas Shariah Index rose 5.66 points to 11,274.49 and the FBM ACE Index went up 13.81 points to 4,712.02.

Sector-wise, the Property Index shed 0.94 points to 909.91, the Plantation Index decreased 6.63 points to 7,162.58, the Energy Index erased 2.99 points to 877.97 and the Financial Services Index fell 5.75 points to 16,999.18, while the Industrial Products and Services Index went up 0.36 of-a-point to 172.23.

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