Bursa rises ahead of Budget 2027, with cash aid measures putting retailers in focus

Bursa Malaysia began the trading day on a higher note on October 9, 2023, as investors kept an eye on the upcoming Budget 2027. The KLCI index gained 1.14 points to 1,602.15, with a brief opening high of 1,602.94. The market, however, was largely mixed, with more stocks losing value than gaining. Turnover was at 326.93 million units, valued at RM155.22 million.

Malacca Securities noted that the FBM KLCI was below key moving averages, suggesting potential easing of selling pressure. They highlighted possible support around 1,571-1,586, and resistance at 1,616-1,631. Retailers, particularly 99 Speed Mart Retail, could see a boost from increased SARA and STR allocations under the new Budget.

Analysts see today's trading within the 1,600-1,615 range as a potential opportunity to buy into local blue chips. Among the top gainers were Mi Technovation, BLD Plantation, Hong Leong Industries, Samaiden, and Solarvest, while some companies, such as Negri Sembilan Oil Palms and Malaysian Pacific Industries, were among the top losers.