During opening, the FBM KLCI increases by 13.55 points thanks to renewed buying interest in the banking stocks
BURSA Malaysia rose in the early trade today as investors lauded the positive news from the US Federal Reserve’s November meeting, where officials agreed that a slower pace of interest rate hikes was likely to be appropriate soon.
At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 13.55 points to 1,457.05 from yesterday’s close of 1,443.5, thanks to renewed buying interest, especially in the banking stocks.
The market bellwether opened 7.18 points higher at 1,450.68.
On the broader market, gainers outnumbered losers 261 to 92, while 190 counters were unchanged, 1,790 untraded and 84 others suspended.
Turnover stood at 464.42 million units worth RM186.57 million.
Among the banking stocks, Malayan Banking Bhd increased by 15 sen to RM8.70, Public Bank Bhd bagged nine sen to RM4.37 and CIMB Group Holdings Bhd advanced 10 sen to RM5.61.
Altogether, these stocks contributed 7.84 points to the composite index.
Regional bourses were also on the uptrend with Japan’s Nikkei 225 rising by 1.32% to 28,485.54, while Singapore’s Straits Times Index expanded 0.27% to 3,264.67 and South Korea’s Kospi added 0.52% to 2,430.48.
Back home, Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said buying support could possibly come from local institutions, which could send the index to end the day above the 1,440 level.
On the political front, he also said Umno’s decision to support the Yang di-Pertuan Agong’s proposal of a unity government could potentially end the prevailing political impasse, and this might inject some optimism into the local bourse.
“As such, we reckon the index may trend in the 1,440-1,460 range today,” he told Bernama.
Among the heavyweights, Petronas Chemicals Group Bhd garnered six sen to RM8.84, Tenaga Nasional Bhd picked up two sen to RM8.44 and Press Metal Aluminium Holdings Bhd added one sen to RM4.84.
IHH Healthcare Bhd slipped one sen to RM5.98, and both Hong Leong Bank Bhd and Petronas Gas Bhd shed two sen to RM20.46 and RM16.88 respectively.
Among the actives, Advance Synergy Bhd added five sen to 22.5 sen, Malayan United Industries Bhd perked one sen to 11 sen and MyEG Services Bhd gained 1.5 sen to 81 sen, while Eden Inc Bhd shed 3.5 sen to 15.5 sen and Thriven Global Bhd weakened 2.5 sen to 13 sen.
On the index board, the FBM Emas Index increased 83.09 points to 10,349.31, the FBM Emas Shariah Index advanced 38.55 points to 10,455.28, the FBM T100 Index climbed 85.02 points to 10,082.45, the FBM ACE bagged 27.06 points to 5,000.79 and the FBM 70 improved 68.64 points to 12,319.89.
Sector-wise, the Financial Services Index surged 198.67 points to 16,366.88 and the Industrial Products and Services Index inched up 0.82 of-a-point to 180.68, while the Plantation Index lost 35.96 points to 6,831.73, and the Energy Index trimmed 3.34 points to 740.52. — Bernama / pic TMR