Bursa opens higher despite weaker Wall Street

However, on the broader market, losers surpassed gainers by 46 counters

BURSA Malaysia opened higher today despite the weaker performance on Wall Street, lifted by positive market momentum that resulted in higher transportation and logistics as well as telecommunications and media indices, a dealer said. 

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) picked up 1.88 points to 1,493.06 from last Friday’s close of 1,491.18. 

The benchmark index opened 0.85 of-a-point better at 1,492.03.

However, on the broader market, losers surpassed gainers 156 to 110, while 195 counters were unchanged, 1,825 untraded and 19 others suspended.

Turnover stood at 166.70 million units worth RM46.58 million.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said the DJI Average declined 338 points, while the Nasdaq lost 154 points despite the US 10-year yield easing below 3.2%.

On the home front, he reckoned market interest should shift back to the construction sector as reports speculating on the 15th General Election grow in intensity.

“Therefore, we expect the index to trend within the 1,485-1,505 range today,” he said. 

Among the heavyweights, MISC Bhd gained 17 sen to RM7.13, Axiata Group Bhd, Maxis Bhd and Public Bank Bhd added one sen each to RM2.99, RM3.74 and RM4.68, respectively, while Malayan Banking Bhd rose three sen to RM8.96.

Of the actives, SNS Network Technology Bhd improved one sen to 27.5 sen, while Vortex Consolidated Bhd, BCM Alliance Bhd and Hextar Industries Bhd dipped half-a-sen to 16 sen, two sen and 40.5 sen, respectively, and Serba Dinamik Holdings Bhd was flat at 2.5 sen. 

On the index board, the FBM Emas Index expanded 3.72 points to 10,559.25, the FBM T100 Index advanced 4.49 points to 10,314.26, the FBM 70 lost 29.03 points to 12,532.12, the FBM ACE shed 18.98 points to 4,787.70 and the FBM Emas Shariah Index weakened 6.20 points to 10,593.43. 

Sector-wise, the Plantation Index was 9.48 points lower at 6,948.36 and the Industrial Products and Services Index slid 0.06 of-a-point to 180.16, while the Financial Services Index climbed 29.66 points to 16,793.67 and the Energy Index strengthened 3.29 points to 700.36. — Bernama / pic TMR