Bursa Malaysia Opens Higher On Expected Sector Rotation
KUALA LUMPUR, July 20 (Bernama) -- Bursa Malaysia opened higher on Monday, supported by expectations that foreign investors would rotate out of technology stocks into traditional sectors such as banking, consumer and plantation counters.
At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.14 points to 1,732.59 from last Friday's close of 1,731.45.
The benchmark index opened 1.20 points higher at 1,732.65.
Across the broader market, gainers outpaced losers 157 to 134, while 305 counters were unchanged, 2,139 untraded and 12 suspended.
Turnover stood at 216.22 million shares worth RM58.0 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local bourse bucked the regional trend after Wall Street closed broadly lower, weighed down by another round of sell-offs in semiconductor and artificial intelligence-related stocks, compounded by a surge in crude oil prices following escalating tensions between the United States and Iran.
“The sell-off in technology-related stocks spread across the Asian region, with South Korean and Taiwan markets declining by more than six per cent, while the FBM KLCI emerged as a contrarian performer, ending higher and surpassing the 1,730 threshold,” he told Bernama.
The index is expected to trade within the 1,725-1,740 range today, he added.
Among heavyweight stocks, Malayan Banking Bhd (Maybank) fell four sen to RM11.16, Public Bank Bhd declined three sen to RM5.22, while CIMB Group Holdings Bhd and IHH Healthcare Bhd were unchanged at RM7.82 and RM8.50, respectively. Tenaga Nasional Bhd gained eight sen to RM14.38.
Among actively traded stocks, VS Industry Bhd shed half a sen to 22.5 sen, while Pegasus Heights Bhd, Ingenieur Gudang Bhd, PUC Bhd, Tanco Holdings Bhd and Aimax Bhd were unchanged at half a sen, four sen, four sen, 33.5 sen and one sen, respectively.
Among the top gainers, Panasonic Manufacturing Malaysia Bhd rose 29 sen to RM5.59, Malaysian Pacific Industries Bhd added 28 sen to RM43.48, while Petronas Gas Bhd and Petronas Chemicals Group Bhd gained 18 sen each to RM17.62 and RM4.91, respectively. Sarawak Oil Palms Bhd increased 16 sen to RM5.19.
The top losers were led by APM Automotive Holdings Bhd, which fell seven sen to RM2.93. MN Holdings Bhd and Hong Leong Bank Bhd declined four sen each to RM2.80 and RM22.40, respectively, while RHB Bank Bhd and Cyberjaya Education Group Bhd slipped three sen each to RM8.50 and RM1.47, respectively.
Among the broader indices, the FBM Emas Index rose 18.4 points to 12,737.49, the FBMT 100 Index gained 16.09 points to 12,573.65, and the FBM Emas Shariah Index increased 43.59 points to 12,526.06.
The FBM Mid 70 Index added 56.10 points to 17,831.03, while the FBM ACE Index declined 5.10 points to 4,874.05.
By sector, the Financial Services Index fell 48.37 points to 20,486.98, while the Energy Index rose 9.46 points to 775.74. The Industrial Products and Services Index advanced 0.89 of a point to 187.62, while the Plantation Index gained 14.10 points to 9,497.87.
-- BERNAMA