KUALA LUMPUR: Bursa Malaysia resumed on a low note today after the long Christmas weekend, as investors remained cautious.
At 9.32am, the benchmark FBM KLCI climbed 0.65 of a point to 1,475.33. The index opened 0.29 of a point lower at 1,474.39.
Rakuten Trade said news that Hong Kong may open its border with China in January would inject some excitement into the markets, particularly in Asia.
“As we enter into the final few trading days for 2022, we reckon accumulation of shares to persist especially on the banks and oil & gas counters amid some portfolio rebalancing activities hence expect the index to hover within the 1,470-1,485 range today.
“Meanwhile, ongoing rough weather had affected the supply side within the oil & gas sector as the Brent crude jumped to almost the US$84/barrel mark,” it said.
Malacca Securities said the improvement on Wall Street last Friday may spill over to the local front, but the upside might be capped amid worries over the impact of fresh Covid-19 outbreaks in China.
Commodities-wise, the Brent crude oil price surged above the US$83 per barrel mark, fuelled by tight US supplies.
“We believe the crude oil price could remain positive above the support of US$80 over the near term given the production cut from OPEC+ and Russia,” it said.
Among the gainers on Bursa Malaysia, Toyo Ventures rose 17.5 sen to RM1.14, Kuala Lumpur Kepong gained 20 sen to RM21.40, Heineken added 12 sen to RM25.48 and F&N rose 12 sen to RM21.26.
Carlsberg fell 12 sen to RM22.96, IHH Healthcare eased nine sen to RM6.06, Westports lost nine sen to RM3.71 and PETRONAS GAS declined eight sen to RM16.52.
