Bursa inches higher in cautious trading

KUALA LUMPUR: The domestic market made a cautious move higher in early trade but remains locked in range-bound motion ahead of Budget 2022, which will be tabled in Parliament on Friday.

Anxieties over the government's initiatives to stoke the coals of the country's economic growth have investors taking a cautious approach and staying on the sidelines.

However, Malacca Securities Research views the recent decline of some recovery theme sector as a good opportunity for bargain hunting.

"Investors may focus on banking, property and consumer-related stocks as well as the construction sector ahead of Budget 2022," it said in a note.

At 9.05am, the benchmark FBM KLCI was up 1.51 points to 1,589.59.

Bank counters took the early lead with Maybank rising five sen to RM8.20, CIMB gaining one sen to RM5.24, Hong Leong Bank rising eight sen to RM18.86 and Public Bank unchanged at RM4.23.

Press Metal bounced higher by five sen to RM5.80 while Petronas Chemicals slid two sen to RM8.79.

Meanwhile Sime Darby Plantation was up one sen to RM4.29 and IOI was unchanged at RM4.05.

On the broader market, top actives were Fitters up 1.5 sen to 43 sen, Destini unchanged at 24.5 sen and VC rising 0.5 sen to 9.5 sen.
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Bursa Malaysia , FBM KLCI , equities


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