BURSA MALAYSIA OPENS HIGHER, REVERSES AMID VOLATILITY 

By Karina Imran

KUALA LUMPUR, June 26 (Bernama) -- Bursa Malaysia opened higher on Wednesday but reversed course as investor sentiment remained cautious due to increasing market volatility, said an analyst.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.62 points to 1,581.76 from Tuesday's close of 1,585.38. The benchmark index had opened 1.01 points better at 1,586.39.

On the broader market, gainers led decliners 251 to 168, with 321 counters unchanged, 1,705 untraded and 45 suspended.

Turnover stood at 326.71 million units worth RM136.40 million.

Rakuten Trade Sdn Bhd vice-president, equity research, Thong Pak Leng, said Wall Street closed mixed on Tuesday following a cautious session as investors awaited crucial United States data. 

The data includes a report on consumer income and spending, which would provide more insight into the Federal Reserve's interest rate outlook.

Thong noted that the FBM KLCI trended downward as investor sentiment remained cautious due to a lack of buying catalysts.

"Despite this, we believe the sell-off offers an opportunity for investors to find bargains in lower-priced stocks.

"However, we exercise caution due to increasing market volatility and expect the benchmark index to consolidate until more clarity emerges," he told Bernama.

Thong anticipates the benchmark index to range between 1,580 and 1,590 today.

Among the heavyweights, Maybank declined five sen to RM9.86, Tenaga Nasional slipped eight sen to RM13.92 and Public Bank gained one sen to RM4.01. Meanwhile, CIMB and IHH Healthcare were flat at RM6.68 and RM6.28, respectively.

As for the actives, Ingenieur Gudang was flat at 6.5 sen, Ramssol Group slid one sen to 58.5 sen, YGL Convergence eased two sen to 22.5 sen, JCY International inched up three sen to 72.5 sen and Eden Inc climbed one sen to 18 sen.

On the index board, the FBM Emas Index declined 7.61 points to 12,150.76 and the FBMT 100 Index gave up 11.12 points to 11,738.56. 

Meanwhile, the FBM Emas Shariah Index improved 1.60 points to 12,527.51, the FBM 70 Index bagged 40.90 points to 17,760.34 and the FBM ACE Index increased 30.13 points to 5,651.26.

Sector-wise, the Financial Services Index sank 23.92 points to 17,329.60, the Industrial Products and Services Index eased 0.13 of a point to 196.01 and the Plantation Index weakened by 12.33 points to 6,995.79.

However, the Energy Index inched up 0.01 of-a-point to 953.54.

-- BERNAMA