Selective Accumulation Lifts Bursa Malaysia At Opening
By Harizah Hanim Mohamed
KUALA LUMPUR, July 23 (Bernama) -- Bursa Malaysia opened marginally higher today, supported by value-seeking investors engaging in selective accumulation.
At 9.06 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.63 of a point to 1,520.03 from yesterday's close of 1,519.40.
At the opening bell, the benchmark index was 0.08 of a point higher at 1,519.48.
Turnover stood at 126.93 million shares, valued at RM68.23 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed lower yesterday in tandem with the weak regional performance.
'However, we expect value-seeking investors to continue supporting the market through selective accumulation. Hence, we anticipate the benchmark index to consolidate within the 1,510–1,520 range today,' he told Bernama.
On the global front, Thong said Wall Street closed mixed, with the S&P 500 hitting another record high at 6,309.62 (+0.06 per cent) as investors digested a new batch of earnings, including a tariff warning from General Motors.
The Dow rose 0.4 per cent, while the Nasdaq slipped 0.39 per cent ahead of key earnings reports from major tech giants.
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