BURSA Malaysia opened firmer today, tracking the overnight Wall Street performance which ended sharply higher amid investors’ optimism at the start of earnings season, dealers said.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.67 points to 1,441.63 from Monday’s closing of 1,438.96. 

The index opened marginally better, adding 0.08 of-a-point to 1,439.04.

On the broader market, gainers edged past decliners 142 to 104, while 223 counters were unchanged, 1,872 untraded and 10 suspended.

Turnover stood at 184.55 million units worth RM65.62 million.

Malacca Securities Sdn Bhd said Wall Street rallied as investors were trading more positively heading into the first week of the third quarter earnings season despite the rising geopolitical tension.

“Given the positive trading sentiment on Wall Street, we believe that buying interest may emerge on the local front, focusing on the details of Budget 2024 as well as the National Energy Transition Roadmap and New Industrial Master Plan 2030 blueprints,” it said.

Regarding commodities, it said Brent crude oil maintained above the US$90 per barrel amid the ongoing geopolitical tensions, while crude palm oil headed higher towards RM3,800 per tonne ahead of the Deepavali festival.

As for the sector focus, the brokerage said that given the positive sentiment from Wall Street, the focus may shift towards technology stocks.

“Meanwhile, Brent oil price maintaining above the US$90 mark may provide trading impetus for the energy stocks. We favour the solar-related as well as automotive sectors as electric vehicles and renewable energy were some of the key focuses in Budget 2024,” it pointed.

Among the Bursa heavyweights, Maybank, Public Bank and Petronas Chemicals added two sen each to RM9.00, RM4.19 and RM7.50, respectively, and Tenaga Nasional gained five sen to RM10.00, while CIMB slipped four sen to RM5.57.

Of the actives, newly-listed Minox rose eight sen to 33 sen and Widad improved one sen to 56 sen, while Sapura Energy, Tanco and Tanco warrants were flat at five sen, 25.5 sen and 57 sen, respectively.

On the index board, the FBM Emas Index increased 19.91 points to 10,678.97, the FBMT 100 Index rose 19.70 points to 10,344.29, the FBM Emas Shariah Index improved 18.42 points to 10,897.09 and the FBM 70 Index advanced 29.45 points to 14,219.71, while the FBM ACE Index shed 8.25 points to 5,108.94.

Sector-wise, the Financial Services Index climbed 35.67 points to 16,263.60, the Industrial Products and Services Index inched up 0.18 of-a-point to 175.52, the Energy Index improved 0.19 point to 882.65, and the Plantation Index gained 10.64 points to 6,836.80. — BERNAMA / pic TMR