Bursa Malaysia higher in early trade, tracking Wall Street overnight performance

Bursa Malaysia opened higher in early trade following the strong performance in Wall Street overnight. The local market is expected to maintain its momentum today, with buying interests mainly focusing on banks, telcos, and construction counters.

At 9.05 am, the barometer index perked up 1.24 points to 1,449.28 versus 1,448.04 chalked up at yesterday’s close.

The FBM KLCI opened 0.84 points better at 1,448.88. 

On the broader market, gainers thumped losers 180 to 108, while 259 counters were unchanged, 1,797 untraded and 37 suspended.

Turnover amounted to 191.09 million units worth RM78.44 million.

Rakuten Trade equity research vice-president Thong Pak Leng said the local market is anticipated to follow Wall Street’s lead, which would boost the performance of the local bourse with the index expected to trade between 1,450 and 1,460 today.

“Wall Street rallied as the Dow Jones Index Average closed at a record high above the 37,000-level following the Federal Reserve’s forecasts that it will cut interest rates three times in 2024 amid the slowing inflation trend,” he told Bernama.

Meanwhile, the Nasdaq added 200 points as the US 10-year yield eased to 4.024 per cent, a four-month low.

Among the key-heavyweight counters, Maybank lost two sen at RM9.05, Public bank, CIMB, Petronas Chemicals were all flat at RM4.26, RM5.79 and RM7.15, respectively.

Gainers in the heavyweights were led by Nestle, which added RM1.30 to RM117.30, followed by Sime Darby Plantation, which rose three sen to RM4.56.

Axiata and Press Metal both added two sen each to RM2.32 and RM4.85, respectively.

Of the actives, Sapura Energy, Top Glove, Minetech and Sarawak Consolidated all earned half-a-sen to 5.5 sen, 88 sen, 7.5 sen and 81 sen, respectively.

On the index board, the FBM Emas Index rose 9.05 points to 10,722.83, the FBMT 100 Index was up 7.39 points to 10,388.41, the FBM Emas Shariah Index added 17.97 points to 10,833.79.

The FBM ACE Index improved 1.22 points to 5,152.03 while the FBM 70 Index added 3.66 points to 14,233.40.

Sector-wise, the Plantation Index was 20.03 points higher at 7,013.60, the Energy Index accumulated 3.65 points to 792.98, and the Industrial Products and Services Index added 0.23 of-a-point to 170.97. 

But the Financial Services Index lost 13.58 points to 16,360.67. — BERNAMA