KUALA LUMPUR (July 9): Bursa Malaysia was slightly higher in early morning trade on bargain-hunting activities, which supported the benchmark index to stay above the 1,500-level.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.15 points to 1,513.86 from Thursday’s close of 1,508.71.
The market bellwether opened 0.35 of-a-point easier at 1,508.36.
On the broader market, gainers led losers 197 to 126, while 246 counters were unchanged, 1,634 untraded and 10 others suspended.
Turnover stood at 240.14 million units valued at RM135.80 billion.
Malacca Securities expects the current cautious trading tone to persist due to lack of fresh positive catalysts.
“However, we believe bargain-hunting activities may emerge in the near term due to the significant selldown and oversold tone across the board. Commodity-wise, the oil price has seen a rebound following an improved inventory draw,” it said in a research note today.