Bursa starts firmer on consumer stocks as oil prices ease inflation concerns

KUALA LUMPUR, July 3 — Bursa Malaysia opened higher today despite mixed overnight cues from Wall Street, supported by consumer stocks as lower crude oil prices fuelled expectations of easing inflationary pressures, a dealer said.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.65 points, or 0.22 per cent, to 1,665.48 from yesterday’s close of 1,661.83.

The benchmark index opened 3.90 points higher at 1,665.73.

Market breadth was negative, with losers outnumbering gainers 159 to 151, while 265 counters were unchanged, 2,075 were untraded, and 12 were suspended.

Turnover stood at 155.40 million shares worth RM67.68 million.

In a note today, Malacca Securities Sdn Bhd said US equities closed mixed overnight as weakness in chip stocks outweighed gains fuelled by signs of a cooling labour market.

The brokerage said Brent crude remained around US$71 per barrel amid easing geopolitical tensions.

“With Wall Street closed today, we expect trading volume on the local bourse to remain muted,” it said.

Among heavyweight stocks, Maybank gained 10 sen to RM10.84 and CIMB added five sen to RM7.50. Public Bank slipped two sen to RM4.82, Tenaga Nasional fell four sen to RM14.22, and IHH Healthcare eased one sen to RM8.16.

Among active stocks, ACE Market debutant Eckem Holdings edged up half-a-sen to 12.5 sen, Notion rose seven sen to 54 sen, while Senheng and Top Glove slipped half-a-sen each to 14.5 sen and 67 sen, respectively. Velocity was unchanged at seven sen.

Among gainers, Binastra climbed 10 sen to RM2.16, while Tradeplus, Hong Leong Bank and Hong Leong Financial gained eight sen each to RM5.22, RM21.42 and RM18.48, respectively. Press Metal added six sen to RM7.59.

Among decliners, Nestle fell 52 sen to RM91.48, Malaysian Pacific Industries lost 46 sen to RM47.60, KL Kepong dropped 24 sen to RM20.72, United Plantations declined 20 sen to RM33.28, and UWC shed 14 sen to RM6.31.

On the broader market, the FBM Emas Index gained 21.89 points to 12,372.56, the FBM Top 100 Index rose 21.50 points to 12,201.13, and the FBM Emas Shariah Index added 5.54 points to 12,210.59.

The FBM Mid 70 Index climbed 9.00 points to 17,793.69, while the FBM ACE Index advanced 1.58 points to 4,855.03.

Sector-wise, the Financial Services Index rose 81.18 points to 19,707.41, the Plantation Index fell 22.64 points to 8,865.76, the Industrial Products and Services Index edged up 0.71 of-a-point to 180.16, and the Energy Index gained 1.51 points to 751.17. — Bernama