KUALA LUMPUR, March 27 — Bursa Malaysia opened higher on Friday, outpacing regional peers as market sentiment improved following the government’s adjusted fuel subsidy measures, supporting fiscal stability and household affordability amid ongoing West Asia uncertainties.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 1.94 points to 1,712.83 from Thursday’s close of 1,710.89. The key index opened 1.84 points higher at 1,712.73.
Market breadth was slightly negative, with 220 losers edging past 116 gainers. A total of 248 counters were unchanged, 2,190 untraded, and 137 suspended.
Turnover stood at 155.59 million shares worth RM154.64 million.
In a special address yesterday, Prime Minister Datuk Seri Anwar Ibrahim announced that, effective April 1, the individual monthly limit for the purchase of BUDI95 will be temporarily adjusted to 200 litres per month from 300 litres previously, in light of the ongoing conflict in West Asia.
A majority of people are not affected by the quota reduction, as consumers on average use about 100 litres per month and nearly 90 per cent consume less than 200 litres per month.
At the same time, the Prime Minister noted that Iran has allowed Malaysian oil tankers to pass through the Strait of Hormuz.
Anwar said the government will continue to uphold fiscal discipline and curb waste and leakages to ensure Malaysia’s economic growth momentum remains sustainable.
He added that Malaysia continues to attract investors and remains a vibrant investment destination following several measures announced by the government in response to the ongoing crisis and conflict in West Asia.
Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng said Wall Street closed sharply lower as expectations of a ceasefire between the United States and Iran diminished.
On the domestic front, he expects investors to remain on the sidelines in view of the weak performance of regional bourses.
“Despite this, the index remains well supported above 1,710. For today, the benchmark is likely to remain range-bound between 1,710 and 1,730,” he said.
Among the heavyweights, Maybank added two sen to RM11.46, Public Bank gained one sen to RM4.83 and CIMB was flat at RM7.81, while Tenaga Nasional fell four sen to RM14.34 and IHH Healthcare slid two sen to RM8.94.
On the most active list, Sunway Healthcare rose 13 sen to RM2.42 and Kinergy inched up half a sen to 39 sen, while VS Industry decreased 2.5 sen to 26 sen and Velesto was down by one sen to 33.5 sen.
Among the top gainers, Allianz expanded 16 sen to RM20.94, Petronas Dagangan added 14 sen to RM22.06, Petronas Gas garnered 12 sen to RM17.74, and Hong Leong Financial inched up 10 sen to RM19.50.
As for the top losers, Malaysian Pacific slid 24 sen to RM28.78, Press Metal shed seven sen to RM7.61, Country View and Pentamaster lost six sen to RM3 and RM2.96, respectively, while Malayan Cement decreased five sen to RM6.24.
On the index board, the FBM Top 100 Index edged up 1.92 points to 12,324.14, while the FBM Emas Index weakened 0.74 of a point to 12,457.70, and the FBM ACE Index lost 6.63 points to 4,348.13.
The FBM 70 Index dropped 49.82 points to 17,016.64, and the FBM Emas Shariah Index contracted 4.18 points to 12,225.35.
By sector, the Financial Services Index climbed 13.56 points to 20,443.70 and the Plantation Index rose 26.10 points to 8,683.05, while the Industrial Products and Services Index edged down 0.50 points to 182.22, and the Energy Index lost 5.11 points to 801.15.
