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KUALA LUMPUR — Bursa Malaysia opened higher on the first trading day after a long holiday break, as investors took the opportunity to buy stocks at lower prices.
The benchmark FBM KLCI opened at 1,687.13, up 4.06 points or 0.31% to 1,692.47 as of 9:33am. Trading volume reached 720.10 million shares worth RM715.34 million.
The positive start was supported by overnight gains on Wall Street, despite ongoing geopolitical uncertainties between the United States and Iran. Crude oil prices also rose to US$96 per barrel.
According to Thong Pak Leng, Vice President of Equity Research at Rakuten Trade Sdn Bhd, bargain-hunting activity is expected to pick up pace following the two-day market closure (1 and 2 June) for the Yang di-Pertuan Agong’s birthday and the replacement holiday for Wesak Day.
He expects the FBM KLCI to trade within the 1,680 to 1,700 range during today’s session.
Stock performance
Among heavyweight counters, Public Bank rose three sen to RM4.74, while Maybank slipped two sen to RM10.62. On the broader market, Nestlé jumped RM2.06 to RM93.98, and Petronas Dagangan gained 80 sen to RM18.54.
The Financial Services Index posted the strongest gain, rising 31.20 points to 19,555.49. In contrast, the Plantation Index came under pressure, falling 66.09 points.
Overall market sentiment remained mixed, with 377 counters declining compared to 350 that advanced.
The market is expected to remain supported by selective bargain hunting in the near term, particularly among domestic investors looking to capitalise on lower prices after the extended break.
