Kuala Lumpur:Bursa Malaysia opened higher on Friday in anticipation of the Budget 2027 announcement, with investors focused on potential measures to support strategic industries and household spending.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 1.14 points to 1,602.15 from the previous day's close of 1,601.01, having opened 1.93 points higher at 1,602.94. Despite the positive start, the broader market saw more losers than gainers, with 233 declining compared to 216 advancing, while 284 remained unchanged, and a significant number of securities, 2,095, were not traded.
The trading volume was reported at 326.93 million units valued at RM155.22 million. Malacca Securities Sdn Bhd noted that the FBM KLCI stayed below crucial moving averages, suggesting that selling pressure might be diminishing. They indicated key resistance levels at 1,616-1,631 and near-term support around 1,571-1,586.
Additionally, Malacca Securities highlighted that 99 Speed Mart Retail could benefit from increased allocations under Budget 2027, potentially driving spending at value retailers.
Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, mentioned that Wall Street had a mixed closing due to reports of OpenAI's lower-than-expected annualised revenue. He also noted elevated crude oil prices and a minor decline in the US 10-year Treasury yield to 5.235 percent. In Hong Kong, the Hang Seng Index fell to a two-month low, affected by rising crude oil prices and bond market volatility.
Thong Pak Leng observed that the current FBM KLCI levels might present a good opportunity to acquire local blue chips, anticipating a possible rebound of the index. He expected the index to fluctuate between 1,600-1,615 during the day.
Among the notable movers, Maybank and Public Bank each gained one sen, while Tenaga Nasional added two sen. IHH Healthcare increased by seven sen, and CIMB decreased by three sen. Active stocks included Dagang NeXchange, which rose 1.5 sen, and Ni Hsin, which gained half a sen. Top Glove declined by two sen.
The top gainers included Mi Technovation, BLD Plantation, and Hong Leong Industries, whereas the top losers were Negri Sembilan Oil Palms and Malaysian Pacific Industries. On the index board, various indices like the FBM Mid 70, FBM Emas, and others recorded gains, while the Financial Services and Plantation indices experienced declines.
Trading of MKH Bhd securities will be suspended from 9 am, Friday, October 16, 2026, in accordance with the Main Market Listing Requirements.