This leads to gainers outpaced losers 253 to 134
BURSA Malaysia opened the new week higher after Wall Street made sharp gains overnight on hopes for an easing of US interest rate hikes after the country posted sluggish manufacturing purchasing managers’ Index (PMI) data.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.21 points to 1,448.63 after 13 minutes, compared to last Friday’s close of 1,446.42.
The market bellwether opened higher by 2.72 points at 1,449.14.
On the broader market, gainers outpaced losers 253 to 134, while 249 counters were unchanged, 1,716 untraded and 12 others suspended.
Turnover stood at 280.61 million units worth RM119.85 million.
The US Federal Reserve will hold its meeting next week with investors hopeful the central bank will indicate plans to slow the rate hikes beginning in December.
Overnight on Wall Street, the Dow gained 1.3% despite the US manufacturing PMI falling to 49.9 this month, noted Malacca Securities Sdn Bhd said.
However, it reckons the domestic market should remain in cautious mode on continuous worries over a possible recession in major economies, which may cap the upside potential over the near term.
‘‘Investors may favour the technology sector as Nasdaq (moved) towards the 11,000 level.
‘‘Bargain hunting activities will likely emerge on the energy and plantation counters following as both commodity prices have remained solid.
“Also, we like the banking and solid consumer stocks on the back of their defensive characteristics,’’ the brokerage said in a note today.
Among Bursa Malaysia’s heavyweight counters, Malayan Banking Bhd went up seven sen to RM8.73, Axiata Group Bhd was six sen higher at RM2.66, while Press Metal Aluminium Holdings Bhd and Inari Amertron Bhd increased four sen to RM4.44 and RM2.42, respectively.
CIMB Group holdings Bhd added three sen to RM5.56 and Digi.Com Bhd was two sen better at RM3.59.
Of the actives, Eduspec Holdings Bhd, Serba Dinamik Holdings Bhd and Impiana Hotels Bhd were unchanged at two sen, 2.5 sen and two sen respectively.
Advance Synergy Bhd and Vinvest Capital Holdings Bhd advanced half-a-sen to seven sen and 22.5 sen, respectively.
On the index board, the FBM Emas Index expanded by 32.92 points to 10,253.82, the FBM 70 widened by 101.18 points to 12,129.81 and the FBM T100 Index improved by 30.99 points to 10,001.45.
The FBM Emas Shariah Index bagged 48.26 points to 10,245.66 and the FBM ACE gained 29.21 points to 4,830.48.
Sector-wise, the Financial Services Index earned 10.9 points to 16,521.98, the Industrial Products and Services Index rose 0.37 of a point to 176.13 and the Plantation Index garnered 1.1 points to 6,808.37. The Energy Index edged up 3.13 points to 682.68. — Bernama / pic TMR