KUALA LUMPUR, May 17 ― Bursa Malaysia opened higher today on buying interest following positive gross domestic product (GDP) in the first quarter of 2022 (Q1 2022), despite mixed sentiment on Wall Street last Friday.
As of 9:06 a.m., the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.93 points to 1,553.34 from Friday’s close of 1,544.41.
The index opened 11.27 points higher at 1,555.68.
In the broader market, winners led losers 191 to 145, while 257 counters were unchanged, 1,662 untraded and another 10 suspended.
Total turnover was 302.04 million shares worth RM128.47 million.
Malacca Securities Sdn Bhd expects bargain-hunting activity to emerge in the recovery and plantation sectors ahead of the reporting season.
“We believe the improving economy should further stimulate buyer interest in recovery-oriented sectors such as consumer and banking.
“Meanwhile, rising crude oil prices, which were trading above $110 a barrel, could boost the energy sector,” he said in a research note today. .
Malaysia’s economy grew by 5.0% in the first quarter of 2022, supported by increases in domestic and external demand, as well as a recovery in the labor market.
The research firm also expects traders to look forward to plantation earnings this month, which could boost the stock price in the near term.
Among the heavyweights, Maybank lowered six sen at RM8.90, Public Bank and CIMB were two sen higher at RM4.55 and RM5.06, respectively, while Petronas Chemicals pocketed 39 sen at 10.38 RM and IHH Healthcare added a sen to 6 RM. .45.
Among assets, Sapura Energy rose 1.5 sen to six sen, Serba Dinamik rose two sen to 14 sen, KNM gained half a sen to 18 sen, Hibiscus Petroleum rose six sen to 1.41 RM, while CSH Allaince was steady at 11.5 sen.
Nestlé was the main gainer, increasing RM2 to RM133.50, followed by KL Kepong, improving 78 sen to RM27.36, Harrison Holdings adding 31 sen to RM5.98, Hengyuan Refining increasing 29 sen to RM7.27 and Petron Malaysia strengthening 24 sen at RM6.26.
On the index chart, FBM ACE fell 13.28 points to 5,329.35, FBM Emas index rose 56.57 points to 11,067.37, FBMT 100 index firmed 54 .39 points to 10,741.65, the FBM Emas Shariah index widened 95.70 points to 11,564.11 and the FBM 70 added 36.302 points to 11,564.11.
On a sector basis, the financial services index contracted by 34.50 points to 16,499.87, the industrial goods and services index increased by 3.02 points to 199.81 and the plantations climbed 98.05 points to 8,277.33. ― Bernama