KUALA LUMPUR (June 2): Bursa Malaysia rebounded from Wednesday's (June 1) losses to open slightly higher on Thursday, supported by renewed buying of selected heavyweights despite weaker sentiment on regional markets.

At 9.05am, the FBM KLCI had increased 0.95 of a point to 1,554.36 from Wednesday’s close at 1,553.41.

The benchmark index opened 1.31 points firmer at 1,554.72.

On the broader market, losers led gainers 124 to 122, while 232 counters were unchanged, 1,765 untraded and 17 others suspended.

Turnover stood at 169.34 million units worth RM54.66 million.

Malacca Securities Sdn Bhd said on the first day of June, the KLCI surrendered big gains on the previous day as global inflationary pressure, which may derail the economic recovery, remains a concern.

The firm said Wall Street edged lower as the Dow Jones fell 0.5% after the buoyant US ISM Manufacturing PMI, which rose to 56.1 in May 2022, fuelled further concerns over the pace of tightening by the US Federal Reserve.

European stock markets remained downbeat, while Asian stock markets ended mixed.

Back home, it said investors may trade cautiously following the overnight decline on Wall Street.

“Nevertheless, traders would likely look out for selected technology stocks with a solid balance sheet and growing quarterly results (at least positive quarter-on-quarter growth).

“On commodity markets, crude oil was traded around the US$116 (about RM509.59) per barrel mark, while crude palm oil traded above RM6,300 per tonne,” the firm said in a note on Thursday.

Among the heavyweights, Malayan Banking Bhd (Maybank) added six sen to RM8.95, Public Bank Bhd rose two sen to RM4.65, both IHH Healthcare Bhd and CIMB Group Holdings Bhd gained one sen to RM6.51 and RM5.21 respectively, while Petronas Chemicals Group Bhd lost four sen to RM10.02.

Of the actives, Sapura Energy Bhd slipped half a sen to 6.5 sen, Dolphin International Bhd increased one sen to 6.5 sen, while Fast Energy Holdings Bhd, KNM Group Bhd and Cypark Resources Bhd were all flat at 4.5 sen, 15 sen and 39 sen respectively.

On the index board, the FBM ACE perked up 6.05 points to 5,189.70, the FBM Emas Shariah Index was down 2.78 points to 11,410.72, the FBM Emas Index advanced 3.66 points to 11,074.55, the FBMT 100 Index accumulated 5.48 points to 10,774.27, and the FBM 70 appreciated 2.19 points to 13,236.82.

Sector-wise, the Industrial Products and Services Index was 0.77 of a point weaker at 199.89, while the Plantation Index increased 27.09 points to 7,963.64 and the Financial Services Index surged 26.20 points to 16,772.79.