Bursa opens higher ahead of potential pre-Merdeka buying interest
The main index advances 3.66 points to 1,752.20 as investors position for market opportunities.
Bursa Malaysia commenced trading on Thursday on a bullish note, anticipating potential pre-Merdeka buying interest as the country prepares to celebrate National Day. The FTSE Bursa Malaysia KLCI index, which serves as the benchmark for the market, surged 3.66 points to 1,752.20 from the previous day's close of 1,748.54. At 9:02am, the benchmark opened 4.12 points higher at 1,752.66.
Positive market breadth was observed, with more shares advancing than declining, resulting in 187 gainers compared to 102 losers. Unchanged stocks stood at 271, while 2,313 shares remained untraded, and 124 were suspended. Trading volume reached 111.40 million shares, valued at RM57.82 million.
Apex Securities Bhd forecasted the KLCI to maintain its upward trajectory, suggesting that pre-Merdeka buying interest might emerge. The firm's note indicated that the ongoing earnings season will keep investors cautious, with individual stock performance largely influenced by corporate results and recent company developments. Overall, selective trading is anticipated, with stronger earnings and improved sentiment potentially bolstering individual counters and the broader market.
Equity research professionals also weighed in on the outlook. Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, expressed confidence in banking sector earnings over the following days, which would likely provide support to the local bourse. He predicted a steady performance from banks, projecting the index to trade within the 1,745-1,755 range.
Among top gainers, Panasonic Manufacturing Malaysia soared 14 sen to RM15, while BP Plastics rose seven sen to 83 sen. Other notable winners included Thong Guan Industries and Telekom Malaysia, which each increased by six sen to RM1.67 and RM7.84, respectively. AWC followed suit with a five sen gain, reaching 50.5 sen.
On the flip side, some stocks experienced declines. United Plantations fell 34 sen to RM31.18, and Kumpulan Fima reduced 12 sen to RM2.73. Master-Pack eased 10 sen to RM1.60, while YTL Power International and Ranhill Utilities each dropped five sen to RM5.85 and RM2.50, respectively.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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