While Waiting for Parliament, It's Time for Investors to 'Hunt'


 Behind the selling session from the cautious sentiment of the local market yesterday, the emergence of bargain-hunting activities to drive the positive opening on Bursa Malaysia this morning.

At the opening, the FBM KLCI index started up 1.24 points at 1,446.72 before rising 1.34 points at 1,449.3 compared to Monday's close at 1,447.96.

In the broader market, losses at 134 outpaced gains at 119, while 164 counters were unchanged, 1,881 untraded and 14 suspended.

Total revenue at 191.27 million units worth RM66.35 million.

According to Malacca Securities Sdn Bhd, the main focus on the country's political situation makes investors look for sectors related to it such as telecommunications, consumer, utilities and high-dividend stocks.

Rakuten Trade Sdn Bhd added that the index is expected to hover in the 1,430-1,450 range and sentiment remains cautious until the formation of a new government.

Heavyweight stocks saw Maybank rise 4 sen to RM8.57, Petronas Chemicals Group Bhd added 6 sen to RM8.70, CIMB Group Holdings Bhd gained 2 sen to RM5.53 and IHH Healthcare Bhd gained 5 sen to RM6.10.

Public Bank Bhd was flat at RM4.33 and Hong Leong Bank Bhd remained at RM20.62 while Tenaga Nasional Bhd was down 3 sen at RM8.38.

Active stocks showed Advance Synergy Bhd up 2 sen at 18 sen and Dagang NeXchange Bhd (DNeX) jumped 2 sen at 59 sen, Malayan United Industries Bhd gained 0.5 sen at 10.5 sen and Infoline Tec Group Bhd gained 4 sen at 54 sen.

On the index board, FBM Emas index rose 11.74 points at 10,286, FBM Emas Shariah index reached 4.52 points at 10,412.02, FBMT 100 index gained 11.41 points at 10,016.41 and FBM 70 gathered 22.64 points at 12,189.59 while FBM ACE fell 20.59 points at 4,931.91.

In terms of sectors, the Financial Services index rose 31.71 points at 16,239.49, the Products and Services index gained 0.57 points at 179.49 while the Plantation index fell 2.79 points at 6,836.38 and the Energy index fell 0.74 points at 722.63.