Bursa Malaysia Opens Higher on Domestic Demand Support as FBM KLCI Nudges to 1,737.94

KUALA LUMPUR, Aug 24 — Bursa Malaysia opened on a positive note on Monday morning, buoyed by resilient domestic demand and a Wall Street rebound, though overall trading is anticipated to stay cautious amid the ongoing corporate earnings season.

At 9:03 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.46 points to 1,737.94 compared to last Friday’s close of 1,736.48. The benchmark index initially opened 1.83 points higher at 1,738.31.

Market breadth opened positive, with gainers outpacing losers 173 to 130, while 293 counters remained unchanged, 2,278 untraded, and 46 suspended. Total turnover stood at 147.53 million shares valued at RM71.13 million.

In a research note today, Apex Securities Bhd stated that the FBM KLCI is expected to trade with a mildly positive bias this week, underpinned by overnight gains on Wall Street and solid domestic fundamentals. However, analysts anticipate investors will remain selective as company financial results dictate stock performance.

“The upside could remain modest, however, as elevated US Treasury yields continue to weigh on global risk appetite, while ongoing West Asia tensions could keep oil prices volatile and add to inflationary concerns,” Apex Securities noted.

“Overall, we expect investors to remain selective, with defensive and domestically driven counters likely to remain relatively resilient amid ongoing external uncertainties,” the research house added.

Among market heavyweights, Malayan Banking Bhd (Maybank) traded flat at RM10.60. Public Bank Bhd picked up three sen to RM5.12, CIMB Group Holdings Bhd added one sen to RM7.96, and Tenaga Nasional Bhd advanced six sen to RM14.46. Conversely, IHH Healthcare Bhd fell eight sen to RM8.20.

On the active list, NexG Bhd and AirAsia Bhd both dropped 3.5 sen to 28.5 sen and 77.5 sen, respectively. Dagang NeXchange Bhd held flat at 51 sen, MAG Holdings Bhd at 16 sen, and Compugates Holding Bhd at 1.5 sen.

Kuala Lumpur Kepong Bhd led the top gainers, surging 22 sen to RM21.86, followed by Sarawak Plantation Bhd, which added 18 sen to RM4.72. Sunway Construction Group Bhd gained 12 sen to RM8.02, Fraser & Neave Holdings Bhd rose 10 sen to RM26.60, and MNRB Holdings Bhd improved seven sen to RM3.02.

Top decliners were led by Malaysian Pacific Industries Bhd, which tumbled RM1.24 to RM41.96. KPJ Healthcare Bhd dropped 22 sen to RM2.90, Petronas Gas Bhd lost 20 sen to RM17.40, PPB Group Bhd fell 18 sen to RM10.10, and Allianz Malaysia Bhd slipped 16 sen to RM22.12.

Performance across broader indices was mixed. The FBM ACE Index added 15.50 points to 5,349.29, while the FBM 70 Index fell 59.35 points to 18,091.68 and the FBM Emas Shariah Index lost 13.13 points to 12,628.66. The FBM Emas Index dipped 0.86 of a point to 12,831.42, and the FBM Top 100 Index shed 2.45 points to 12,648.47.

Sector-wise, the Plantation Index gained 6.92 points to 9,447.57, and the Financial Services Index jumped 33.26 points to 20,298.66. The Industrial Products and Services Index edged up 0.16 of a point to 187.38, while the Energy Index rose 1.22 points to 778.25.

–NMT