Kuala Lumpur:Bursa Malaysia saw an uptick in its opening on Friday as investors engaged in bargain hunting following recent declines, despite the pressure from elevated US Treasury yields and oil prices.
According to BERNAMA News Agency, the benchmark index rose by 1.90 points, or 0.11 percent, reaching 1,674.21 from the previous day's close of 1,672.31. It opened 2.56 points higher at 1,674.87. Market breadth was positive, with 192 gainers outpacing 128 losers, while 342 counters remained unchanged. Additionally, 2,261 counters were untraded, and 43 were suspended, with a turnover of 294.55 million shares worth RM72.92 million.
Hong Leong Investment Bank noted that investors are likely to remain cautious, keeping the benchmark index within a limited range due to factors such as higher oil prices, elevated bond yields, and the hawkish stance of the US Federal Reserve, which are dampening interest in equities. Brent crude oil prices had eased slightly by 0.79 percent to US$105.76 per barrel at the time of reporting.
Domestically, potential Chinese investments amounting to RM28 billion and the proposed extension of the East Coast Rail Link to Rantau Panjang, Kelantan, as announced, could enhance Malaysia's long-term investment and regional connectivity prospects, though the immediate impact may be limited until implementation occurs.
Among the heavyweights, Maybank saw an increase of four sen to RM10.16, while Public Bank and IHH Healthcare remained unchanged at RM4.82 and RM8.06, respectively. CIMB decreased by three sen to RM7.93, and Tenaga Nasional added eight sen to RM13.14.
In active trading, Aimax, Iconic Worldwide, and Zetrix AI each gained half a sen, while TWL and GIIB remained unchanged. Hong Leong Financial and Petronas Dagangan were the top gainers, each rising 10 sen. Northern Solar increased by nine sen, with Press Metal Aluminium and Fraser and Neave advancing eight sen each.
Nestle was the largest decliner, dropping 80 sen, followed by Malaysian Pacific Industries, Dutch Lady Milk Industries, Apollo Food, and Allianz Malaysia with smaller losses.
On the index board, the FBM Mid 70 Index, FBM Emas Index, FBM Top 100 Index, FBM Emas Shariah Index, and FBM ACE Index all reported gains. Sector-wise, the Industrial Products and Services Index, Energy Index, Financial Services Index, and Plantation Index also experienced increases.