Bursa Malaysia opens higher, taking cue from overnight Wall Street gains

Bursa Malaysia opens higher, taking cue from overnight Wall Street gains
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KUALA LUMPUR (May 27): Bursa Malaysia opened higher on Thursday, taking its cue from the overnight Wall Street gains as market sentiments stabilised in the global context amidst easing concerns over the United States Federal Reserve rate prospects.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.16 points — or 0.2% — higher at 1,580.98, from 1,577.82 at Tuesday’s close.

The index opened 1.54 points firmer at 1,579.36.

On the broader market, gainers led losers 258 to 173, while 243 counters were unchanged, 1,517 untraded and 39 others suspended.

Total volume stood at 350.73 million units worth RM165.82 million.

The market was closed yesterday in conjunction with Wesak Day celebration, and has resumed operations today.

Malacca Securities Sdn Bhd said as the market sentiments stabilised amidst easing concerns over interest rate prospects, traders may re-look into growth companies.

However, it cautioned that market sentiment is likely to remain weak as Malaysia’s Covid-19 cases continue to be on the rise, while the vaccine rollout is slightly behind schedule. 

“Technically, the key index is likely to trade within a tight range below the 1,600 level, with support located at 1,555-1,565, while the resistance is pegged at 1,590-1,600,” it said in a note today.

Meanwhile, Rakuten Trade Sdn Bhd expected the FBM KLCI to continue with its mini uptrend seen recently, but added that there might be some profit-taking emerging today. 

“Therefore, we expect the index to hover within the 1,570-1,580 range today,” it said in a note.

Among the heavyweights, Public Bank Bhd garnered six sen to RM4.23, IHH Healthcare Bhd increased eight sen to RM5.27, Malayan Banking Bhd and CIMB Group Holdings Bhd bagged four sen each to RM8.37 and RM4.25, respectively, while Petronas Gas Bhd jumped 20 sen to RM16.18.

Of the actives, SC Estate Builder Bhd grew 2.5 sen to 12.5 sen, Tanco Holdings Bhd ticked up half-a-sen to 14.5 sen, Sedania Innovator Bhd was 16 sen higher at RM1.36, Tomypak Holdings Bhd perked up 1.5 sen to 2.5 sen, while Sanichi Technology Bhd was half-a-sen easier at seven sen.

Top gainer Nestle (M) Bhd surged RM1.10 to RM136.40, while top loser Malaysian Pacific Industries Bhd lost 36 sen to RM37.32.

On the index board, the FBM Emas Index improved 42.4 points to 11,534.7 and the FBMT 100 Index strengthened 36.14 points to 11,218.08.

The FBM Emas Shariah Index climbed 27.92 points to 12,815.18, the FBM 70 elevated 101.37 points to 14,935.4 and the FBM ACE was 98.18 points firmer at 7,947.91.

Sector-wise, the Financial Services Index advanced 116.14 points to 15,010.13, the Plantation Index rose 5.53 points to 6,945.75, and the Industrial Products and Services Index ticked up 0.24 of-a-point to 192.30.