Bursa Malaysia opens higher as bargain hunting lifts blue chips

Bursa Malaysia opened higher on October 14, 2022, buoyed by bargain-hunting activities and resilient domestic fundamentals, with the FTSE Bursa Malaysia KLCI gaining 4.50 points or 0.27% to 1,627.85. Despite a broader market where losers outnumbered gainers 193 to 137, turnover stood at 239.44 million units worth RM140.08 million.

Apex Securities noted that recovery remains concentrated in selected larger-cap names due to persistent foreign selling and weakness across regional technology markets. Financials were expected to remain relatively resilient, while REITs could benefit from easing global bond yields. Tenaga Nasional saw a decline of two sen to RM13.02.

Among the top gainers, United Plantations, Hengyuan, Mentiga, and Fraser & Neave reported significant increases. Top losers included Samaiden, Solarvest, Pekat, and Northern Solar. The Financial Services Index rose 75.64 points to 18,841.81, while the Energy Index slipped 10.14 points to 824.92.