Bursa Malaysia Opens Higher as Consumer Stocks Lift Market Despite Mixed Global Sentiment
KUALA LUMPUR, July 3 — Bursa Malaysia began Friday’s trading session on firmer footing, supported by gains in consumer-related counters as easing crude oil prices strengthened expectations that inflationary pressures could continue to moderate.
The positive opening came despite mixed performances across Wall Street overnight, with investors adopting a cautious stance ahead of the weekend and the closure of US financial markets later in the day.
By 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) had climbed 3.65 points, or 0.22 per cent, to 1,665.48 after opening 3.90 points higher at 1,665.73. The index closed at 1,661.83 in the previous trading session.
Trading activity remained relatively subdued during early dealings. Market breadth was negative, with declining counters outnumbering advancing stocks by 159 to 151, while 265 counters were unchanged. A total of 2,075 securities remained untraded and 12 counters were suspended.
Early turnover reached approximately 155.40 million shares valued at RM67.68 million.
According to Malacca Securities Sdn Bhd, investor sentiment continued to be influenced by developments in overseas markets, where US equities ended overnight trading on a mixed note.
The brokerage said gains generated by signs of a cooling US labour market were offset by weakness in technology stocks, particularly semiconductor counters, resulting in an uneven performance across Wall Street.
Meanwhile, Brent crude oil prices remained near the US$71 per barrel level as geopolitical concerns eased, providing additional support to consumer-oriented sectors by reinforcing expectations of softer inflationary pressures.
Malacca Securities also expects trading activity on Bursa Malaysia to remain relatively light due to the closure of US financial markets, which could reduce participation from global investors.
Among heavyweight stocks, Maybank led gains by rising 10 sen to RM10.84, while CIMB Group added five sen to RM7.50.
Public Bank slipped two sen to RM4.82, Tenaga Nasional declined four sen to RM14.22 and IHH Healthcare eased one sen to RM8.16.
Among actively traded counters, newly listed ACE Market company Eckem Holdings edged half a sen higher to 12.5 sen.
Notion advanced seven sen to 54 sen, while Senheng and Top Glove each declined half a sen to 14.5 sen and 67 sen respectively. Velocity Holdings remained unchanged at seven sen.
On the broader list of gainers, Binastra appreciated 10 sen to RM2.16.
Tradeplus, Hong Leong Bank and Hong Leong Financial Group each gained eight sen, closing early trading at RM5.22, RM21.42 and RM18.48 respectively, while Press Metal advanced six sen to RM7.59.
Among the day’s weaker performers, Nestle Malaysia fell 52 sen to RM91.48.
Malaysian Pacific Industries declined 46 sen to RM47.60, Kuala Lumpur Kepong lost 24 sen to RM20.72, United Plantations retreated 20 sen to RM33.28 and UWC Holdings dropped 14 sen to RM6.31.
Across Bursa Malaysia’s broader indices, the FBM Emas Index gained 21.89 points to 12,372.56, while the FBM Top 100 Index advanced 21.50 points to 12,201.13.
The FBM Emas Shariah Index rose 5.54 points to 12,210.59, the FBM Mid 70 Index increased 9.00 points to 17,793.69 and the FBM ACE Index added 1.58 points to 4,855.03.
Sectoral performance was mixed. The Financial Services Index strengthened by 81.18 points to 19,707.41, while the Industrial Products and Services Index and Energy Index posted modest gains. In contrast, the Plantation Index edged lower, reflecting selective selling in plantation-related counters during the opening session.
