Bursa rises cautiously ahead of Jackson Hole meet

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KUALA LUMPUR: Bursa Malaysia put on some slight gains in the opening minutes of trading as investors picked up bargains although upside was capped by anxieties over a hawkish announcement at Jackson Hole.

At 9.10am, the FBM KLCI was up 2.34 points to 1,484.91. The market breadth was slightly positive with 171 gainers compared with 134 decliners.

Trading volume was 220.79 million shares valued at RM92.69mil.

Malacca Securities Research however reiterated there remains buying opportunities in select stocks as the corporate results season continues.

It also expects the energy sector to trend higher following the return of Brent crude futures above US$100 a barrel while the plantation sector is buoyed by a rebound in crude palm oil prices.

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"Commodities wise, crude oil saw a rebound above US$100 after OPEC warned a potential output reduction to correct the recent price drop. Meanwhile, the CPO price hovered above RM4,200 a tonne," it said.

Bank stocks were mixed with Maybank sliding one sen to RM8.82 and Hong Leong Bank down four sen to RM20.84. RHB picked up two sen to RM5.77 and IB rose five sen to RM5.33.

PETRONAS Chemicals slumped 19 sen to RM8.37, extending its fall following the release of its quarterly earnings yesterday.

Meanwhile, oil and gas stocks were leading gainers led by Hengyuan jumping 30 sen to RM5.89 and Petron Malaysia adding 22 sen to RM6.08.

Most active counters were Euro gaining one sen to 14 sen, Serba Dinamik dropping 1.5 sen to 6.5 sen and Hibiscus Petroleum rising one sen to 98.5 sen.