The local benchmark is higher as Wall Street continues its uptrend, ignoring the Fed’s tough stance on fighting inflation
BURSA Malaysia ended the morning trading session slightly higher on continued buying in selected heavyweight stocks, led by the financial services and healthcare sectors.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.47 points to 1,498.00 from last Friday’s close of 1,496.53.
The benchmark index opened 1.13 points firmer at 1,497.66.
On the broader market, gainers surpassed decliners 362 to 323, while 389 counters were unchanged, 1,241 untraded, and nine others suspended.
Turnover stood at 1.53 billion units worth RM790.60 million.
Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said the FBM KLCI was higher today as Wall Street had continued its uptrend, ignoring the US Federal Reserves’ (Fed) tough stance on fighting inflation.
“The FBM KLCI ended marginally higher last Friday from selective buying in bank and telecommunication stocks, with several attempts to breach the 1,500-mark but it failed.
“We reckon the index will breach this resistance today as we expect the sentiment to improve with a focus on the bank and technology sectors again,” he told Bernama.
The energy sector could see some volatility despite crude prices rebounding with the Brent surging past the US$92 (RM414) per barrel.
Among the heavyweight counters, Malayan Banking Bhd and CIMB Group Holdings Bhd rose three sen each to RM9 and RM5.47, respectively, Public Bank Bhd climbed one sen to RM4.70, IHH Healthcare Bhd added five sen each to RM6.22, while Petronas Chemicals Group Bhd was one sen lower at RM8.93.
Of the actives, CSH Alliance Bhd and Metronic Global Bhd went up half-a-sen each to 4.5 sen and four sen, respectively, Velesto Energy Bhd grew 1.5 sen to 10 sen, SNS Network Technology Bhd ticked up 2.5 sen to 28.5 sen and Tanco Holdings Bhd firmed two sen to 30.5 sen.
On the index board, the FBM Emas Index was 23.39 points higher at 10,651.61, the FBM T100 Index rose 21.35 points to 10,396.80, the FBM 70 improved 71.28 points to 12,828.10, the FBM ACE garnered 4.30 points to 4,862.78 and the FBM Emas Shariah Index bagged 18.15 points to 10,711.63.
Sector-wise, the Energy Index added 8.29 points to 715.45, the Financial Services Index expanded 76.39 points to 16,893.57, the Plantation Index fell 25.24 points to 6,968.73 and the Industrial Products and Services Index eased 0.33 of-a-point to 185.27. — Bernama / pic TMR File