This leads to advancers leading decliners 120 to 103

BURSA Malaysia opened higher this morning, supported by stronger oil prices and bargain-hunting activities ahead of the US Federal Reserve’s (Fed) interest rate decision scheduled later today and Bank Negara Malaysia’s Monetary Policy Committee meeting today and tomorrow.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 4.5 points to 1,450.42 from yesterday’s close of 1,445.92.

The market bellwether opened higher by 5.06 points at 1,450.98.

Market breadth was positive with advancers leading decliners 120 to 103, while 191 counters were unchanged, 1,904 untraded and 13 others suspended.

Turnover stood at 93.89 million units worth RM45.59 million.

Wall Street closed lower following the release of better-than-expected US jobs data, which dented hopes that the Fed may ease its stance on rate hikes.

The Dow Jones Industrial Average (DJIA) lost 0.24% to close at 32,653.2, while the S&P500 slid 0.41% to 3,856.1 and the Nasdaq Composite fell 0.89% to 10,890.85.

Rakuten Trade Sdn Bhd said that as a result, the DJIA lost 80 points after a strong opening while Nasdaq declined 97 points as the US 10-year yield remained at the 4.05% level.

On the local front, the FBM KLCI had lost 20 points over the last two trading days and the brokerage reckoned some bargain-hunting activities would emerge although the market undertone had turned cautious.

“For today, we expect the index to hover in the 1,440-1,455 range with buying interest focused on plantation stocks,” the brokerage said in a note.

It said crude palm oil surged past the RM4,200-per-tonne level as Indonesia raised its exports reference price while Brent crude climbed to almost US$95 (RM450.30) per barrel due to a lower inventory level. 

Among the heavyweight counters, Malayan Banking Bhd and Sime Darby Plantation Bhd rose two sen each to RM8.56 and RM4.35, respectively.

Both Public Bank Bhd and MISC Bhd were unchanged at RM4.41 and RM7.20, respectively, while Hong Leong Bank Bhd fell six sen to RM20.82.

Among the actives, Shin Yang Shipping Corp Bhd dropped two sen to 87 sen, KNM Group Bhd added half-a-sen to 4.5 sen, and Hibiscus Petroleum Bhd gained 1.5 sen to RM1.01, while SNS Network Technology Bhd and MNC Wireless Bhd were flat at 23.5 sen and one sen, respectively.

On the index board, the FBM Emas Index advanced 26.52 points to 10,293.65, the FBM 70 earned 16.61 points to 12,225.19, the FBM T100 Index grew by 27.05 points to 10,029.17, the FBM Emas Shariah Index rose 27.03 points to 10,362.73 and the FBM ACE was up 0.1 of a point to 4,878.12.    

Sector-wise, the Energy Index was 3.32 points firmer at 698.82, the Financial Services Index expanded 29.49 points to 16,341.79, the Industrial Products and Services Index edged up 0.76 of a point to 175.43 and the Plantation Index rose 30.21 to 6,823.14. — Bernama / pic TMR