Bursa Malaysia opens higher ahead of OPR decision

KUALA LUMPUR: Bursa Malaysia rose in early trade Tuesday ahead of Bank Negara’s overnight policy rate (OPR) decision tomorrow.

The FBM KLCI added 1.69 points to 1,417.64 at 9.07am. The index opened 0.26 of-a-point better at 1,416.21.

TA Securities said the key index chart supports remain the recent low of 1,391 and last October's low of 1,372, which must hold to prevent test of stronger chart supports at 1,350, 1,320 and 1,300.

“Immediate overhead resistance stays at 1,450, followed by the leveling 200-day moving average at 1,456, with 1,480 and 1,500 acting as stronger resistance levels,” it said.

On stock picks, TA Securities said gaming, construction and semiconductor related counters such as Genting Bhd, Genting Malaysia, MRCB, WCT Holdings, Inari Amertron and Unisem should attract bargain hunters at current depressed levels ahead of longer-term upside potential.

Overnight, the Dow Jones Industrial Average fell 46.46 points, or 0.14%, to 34,051.7; the S&P 500 lost 1.61 points, or 0.04%, at 4,167.87; and the Nasdaq Composite dropped 13.99 points, or 0.11%, to 12,212.60.

At Bursa Malaysia, Hong Leong Bank rose 20 sen to RM20.34, SHH Resources added 15 sen to RM1.23, Kuala Lumpur Kepong gained 14 sen and PETRONAS Chemicals climbed 14 sen to RM7.22.

Among the losers, PETRONAS Dagangan eased 44 sen to RM22.20, United Plantations fell 28 sen to RM15.28. Press Metal declined 11 sen to RM5.04 and Unisem slid seven sen to RM2.92.