Bursa Malaysia Opens Higher, Following Wall Street Gains

Bursa Malaysia opened higher on Jan 6, 2023, with the FBM KLCI at 1,630.96, up 1.50 points. Gainers outnumbered losers, and turnover was RM181.36 million. Key developments include the Singapore Prime Minister’s visit to formalize the Johor-Singapore Special Economic Zone and rising crude oil prices boosting the Energy sector, alongside data centre investments driving growth in related sectors.

Bursa Malaysia commenced trading on a positive note on January 6, driven by Wall Street’s recent strong performance, particularly in the technology sector. At 9:10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) recorded a value of 1,630.96, reflecting an increase of 1.50 points from Friday’s closing figure of 1,629.46.

The index saw an initial rise of 0.28 points, starting at 1,629.74. In the broader market, gainers surpassed losers, with 278 stocks advancing against 159 that declined. Notably, 361 stocks remained unchanged, while 1,555 were untraded and 10 faced suspension. Overall market turnover was recorded at 318.51 million units, with a total value of RM181.36 million.

Malacca Securities Sdn Bhd highlighted Singapore’s Prime Minister’s visit to Malaysia aimed at formalizing the Johor-Singapore Special Economic Zone. This development is expected to refocus trader interest on Johor-related counters. Moreover, with rising crude oil prices, the Energy sector is anticipated to present ongoing trading opportunities. Investments in data centres are also projected to enhance earnings in sectors such as construction and utilities.

This week, the market will closely observe significant economic indicators, including the Eurozone Consumer Price Index (CPI), China’s CPI, and the Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI). Major corporations like Maybank and Tenaga Nasional each gained two sen, reaching RM10.16 and RM14.62, respectively. Meanwhile, Public Bank saw an increase of three sen to RM4.53, whereas CIMB remained unchanged at RM8.11. However, IHH Healthcare experienced a decline of seven sen, closing at RM7.21.

In active trading, Velocity Capital and Careplus both rose by one sen to 8.0 sen and 27 sen, respectively. Harvest Miracle was up by 1.5 sen to 20.5 sen, and MYEG improved by half-a-sen to 99 sen. Contrastingly, Aimflex decreased by half-a-sen, settling at 15 sen. On a broader scale, the FBM Emas Index increased by 28.73 points to 12,562.37, while the FBM Emas Shariah Index and the FBMT 100 Index rose by 22.27 and 27.02 points, respectively.

Sector performances showed positive movements, with the Energy Index rising by 5.56 points to 856.86, the Financial Services Index increasing by 32.80 points to 19,055.87, the Industrial Products and Services Index up by 0.08 points to 174.53, and the Plantation Index gaining 5.91 points to 7,604.42.

Bursa Malaysia’s trading session began positively, influenced by Wall Street’s gains and heightened interest in technology stocks. The market displayed a significant number of gainers over losers and was buoyed by strategic developments including international visits and rising commodity prices. Continued monitoring of key economic data is essential for traders in the coming week.

Original Source: www.bernama.com