KUALA LUMPUR, Jan 27 ― Bursa Malaysia opened higher today, supported by continuous bargain hunting despite the Wall Street’s softer performance, said an analyst.
However, market breadth was marginally lower with losers edging past gainers at 130 to 116, while 185 counters were unchanged, 1,829 untraded and 31 others suspended.In a note today, Malacca Securities Sdn Bhd said it expects profit-taking to emerge in the local bourse due to the downtrend on the Wall Street, following the United States Federal Reserve's confirmation of the upcoming interest rate increase and continuous bond tapering, moving forward.
On sectors in focus, the brokerage firm expects trading interest to persist in the commodity-related sectors such as plantation and energy stocks, as the crude palm oil and crude oil prices remained firm. Among the heavyweights, Maybank and CIMB were flat at RM8.30 and RM5.26, respectively, Petronas Chemicals added six sen to RM8.98 and IHH Healthcare gained four sen to RM6.40, while Public Bank fell one sen to RM4.19.
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