Bursa grows cautiously as budget day approaches

KUALA LUMPUR: Bursa Malaysia made cautious gains early in Thursday’s session, perhaps boosted by the tabling of the 2023 budget on Friday.

After an overnight drop on Wall Street, observers expect a pause in the global rally as investors take advantage of recent rapid gains.

However, Malacca Securities Research expects continued buying interest in some sectors.

“We believe investors may favor energy stocks following the rise in the price of crude oil after OPEC+ announced the production cut policy.

“In addition, budget-related meters, including those related to solar, telecommunications and some consumer stocks, may gain traction.

“Additionally, we like the technology sector as Wall Street finished slightly negative,” Malacca Securities Research said in a report.

At 9:05 a.m., the FBM KLCI was up 3.58 points at 1,424.13. There were 137 winners against 76 decliners for an overall positive market.

The trading volume was 189.58 million shares valued at RM49.11 million.

Trading got off to a slow start on the blue chip index, with many counters remaining unchanged as investors awaited further leads from the upcoming budget.

Maybank was up one sen at RM8.71, CIMB gained one sen at RM5.27 and MISC was up five sen at RM7.05.

Dialog was up three sen to RM2.03 and Inari was up two sen to RM2.58.

ACE Market debutant Cosmos jumped from 23 sen to 58 sen thanks to over 40 million units traded, making it the second most active counter.

The most traded MMAG rose 0.5 sen to three sen with 146.1 million units crossing, while MQ Tech, also active with 7.71 million shares traded, was flat at three sen

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