22/12/2022 (The Edge Markets), Kuala Lumpur - Bursa Malaysia rebounded to open slightly higher on Thursday (Dec 22), tracking Wall Street's rally overnight amid improving consumer confidence, said an analyst.

At 9.15am, the benchmark FBM KLCI had risen by 0.18% or 2.57 points to 1,465.12, from Wednesday's closing at 1,462.55.

The market bellwether opened 1.24 points better at 1,463.79.

On the broader market, advancers led decliners 229 versus 123, while 238 counters were unchanged, 1,674 untraded, and 22 others suspended.

Turnover stood at 353.75 million units worth RM104.16 million.

Malacca Securities Sdn Bhd believes that buying interest may spill over to regional markets, as well as the local bourse, amid improving consumer confidence in the US, as well as easing inflation expectations.

“The technology sector could stage a rebound, following a strong surge on the Nasdaq. Additionally, we expect buying interest to emerge in the oil and gas sector amid firmer Brent oil prices.

“Investors may also focus on the construction and building material sectors, as the East Coast Rail Link (ECRL) project will continue at a lower cost," it said in a note.

The brokerage firm said the support level is located at 1,460-1,450, while resistance is pegged along 1,500-1,510.

The Brent crude oil price rose above US$82 after the US Energy Information Administration reported an inventory draw of 5.9 million barrels last week, while the crude palm oil price hovered above RM3,950.

Among the heavyweights, Malayan Banking Bhd (Maybank) lost four sen to RM8.74 a share and Tenaga Nasional Bhd (TNB) eased one sen to RM9.16, while Public Bank Bhd added one sen to RM4.42, CIMB Group Holdings Bhd increased one sen to RM5.80, and Petronas Chemicals Group Bhd gained eight sen to RM8.16.

Of the actives, Serba Dinamik Holdings Bhd inched up half a sen to 1.5 sen and Citaglobal Bhd bagged half a sen to 29.5 sen, Reneuco Bhd improved 6.5 sen to 32 sen and Sarawak Consolidated Industries Bhd climbed 1.5 sen to 15.5 sen, while XOX Bhd was flat at two sen.

On the index board, the FBM Emas Index advanced 23.01 points to 10,517.76, the FBM Emas Shariah Index was 33.28 points higher at 10,585.45, the FBM 70 Index strengthened 37.60 points to 12,851.28, the FBM ACE Index increased 23.57 points to 5,489.42, and the FBMT 100 Index garnered 20.66 points to 10,226.19.

Sector-wise, the Plantation Index earned 28.01 points to 6,801.36, the Energy Index added 6.86 points to 791.13, and the Industrial Products and Services Index recovered 0.66 of a point to 176.05.

 However, the Financial Services Index eased 1.08 points to 16,601.10.

https://www.theedgemarkets.com/article/bursa-malaysia-opens-higher-tracking-wall-streets-rally