Malaysia's Stock Market Opens Lower But Rebounds Thereafter

KUALA LUMPUR, March 27 (Bernama) -- Malaysia's stock market (Bursa Malaysia) opened marginally lower but rebounded thereafter in cautious trade on lack of catalyst in key heavyweight counters, dealers said. At 9.20 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.57 points higher at 1,747.32 after opening 0.67 of-a-point lower at 1,745.08. The index closed at 1,745.75 last Friday. On the broader market, gainers outpaced decliners 267 to 156 with 274 counters unchanged, 1,032 untraded and 23 others were suspended. Turnover stood at 418.95 million shares worth RM122.52 million. In a note, Public Investment Bank said the FBMKLCI might see cautious trading today after the US Wall Street endured losses after US President Donald Trump failed to get healthcare reforms passed. Meanwhile, AllianceDBS Research, in a note, expected the FBMKLCI to trade below the 1,745.43 level today as buying power was weaker than selling pressure. Among heavyweights, Maybank and Public Bank fell two sen each to RM8.97 and RM19.94, respectively, while TNB eased four sen to RM13.68. Other heavyweights, Sime Darby declined three sen to RM9.37 while Petronas Chemicals and CIMB added six sen each to RM7.58 and RM5.68, respectively. Of actively-traded stocks, Nexgram were flat at five sen, Boon Koon rose four sen to 30 sen and PUC added one sen to 14.5 sen. The FBM Emas Index increased 13.94 points to 12,379.81, FBMT 100 Index was 13.61 points higher at 12,030.61 and the FBM Emas Shariah Index gained 13.92 points to 12,786.67. The FBM 70 was 26.97 was better at 14,481.56 and the FBM Ace improved 26.10 points to 5,745.66. Sector-wise, the Plantation Index gained 30.96 points to 8,187.63, the Finance Index advanced 25.84 points to 15,773.91 but the Industrial Index fell marginally by 0.56 of-a-point to 3,271.68. -- BERNAMA