Bursa Malaysia opens higher on Wall Street bounce

BURSA Malaysia opened higher on Monday, taking its cue from the positive Wall Street performance last Friday amid cautious sentiments ahead of the US Federal Open Market Committee (FOMC) meeting this week to decide on interest rates.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.31 points to 1,381.39 from 1,376.08 at Friday’s close.

The key index opened 1.53 points firmer at 1,377.61.

The broader market was positive with advancers leading decliners 164 to 154, while 262 counters were unchanged, 1,664 untraded and 12 others suspended.

Turnover was 233.51 million units worth RM86.15 million.

Malacca Securities Sdn Bhd said market investors are anticipating that the US Federal Reserve (Fed) might keep interest rates unchanged in view of softening inflation in the United States.

“We believe the gains last week (on Wall Street) may continue to spill over to our local bourse, but it might be capped ahead of the six state elections.

“Given the advance on Wall Street, supported by optimism over a potential pause in the interest rate hike, we reckon the technology sector may see a further rebound. Also, investors may favour the plantation sector following Malaysia and Indonesia’s mutual agreement to defend palm oil interests,” it said. 

Among the heavyweight stocks, Public Bank, Tenaga Nasional, Petronas Chemicals, and CelcomDigi added four sen each to RM3.86, RM9.22, RM6.44 and RM4.32, respectively.

CIMB increased five sen to RM5.00 while Maybank was flat at RM8.62. 

Of the actives, Classita and Ahmad Zaki gained two sen to 14.5 sen and 21.5 sen respectively while Sarawak Consolidated earned one sen to 31.0 sen.

Malaysia Building Society ticked up 3.5 sen to 66.5 sen but MQ Technology fell half-a-sen to 3.0 sen. Tanco was flat at 49.5 sen. 

On the index board, the FBM Emas Index gained 39.07 points to 10,191.05, the FBMT 100 Index edged up 40.04 points to 9,889.91 and the FBM Emas Shariah Index was 31.26 points higher at 10,513.32.

The FBM 70 Index advanced 62.98 points to 13,498.81 but the FBM ACE Index went down 22.38 points to 5,028.45.

Sector-wise, the Industrial Products and Services Index garnered 0.49 of-a-point to 158.40 and the Financial Services Index recovered 102.80 points to 15,242.76.

However, the Plantation Index weakened 10.13 points to 6,676.51 and the Energy Index declined 1.08 points to 790.22. — Bernama / pic TMR FILE