KUALA LUMPUR, Nov 22 (Bernama) – In early trade today, the Bursa Malaysia was marginally higher as bargain hunters appeared following yesterday’s selloffs due to cautious market mood.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.34 points to 1,449.3 at 9:05 a.m., up from 1,447.96 the previous day.
The market’s leading indicator opened 1.24 points higher at 1,446.72. According to Malacca Securities Sdn Bhd, the primary attention would be on the local political scene, with the market anticipating the nomination of Prime Minister contenders.
Given the volatile political landscape, investors should focus on apolitical sectors such as telecoms, consumer staples, and utilities, as well as businesses with high net cash and a reliable dividend yield, according to the stockbroking firm.
“Once the government is formed, traders should employ a ‘buy before of event and sell on news’ approach,” it stated in a note today.
Meanwhile, Thong Pak Leng, the Vice-President of stock research at Rakuten Trade Sdn Bhd, predicted that market mood will remain cautious until the establishment of a new administration today.
He predicted that the index will trade in the 1,430-1,450 region today. Maybank gained four sen to RM8.57, Petronas Chemicals gained six sen to RM8.70, CIMB gained two sen to RM5.53, and IHH Healthcare gained five sen to RM6.10.
However, Tenaga lost three sen for RM8.38, while Public Bank and Hong Leong Bank were unchanged at RM4.33 and RM20.62, respectively.