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Bursa Malaysia opens higher, tracking Wall St gains overnight

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Bursa Malaysia Opens Higher, Tracking Wall St Gains Overnight

Market Overview

Bursa Malaysia opened higher today, tracking the better overnight performance on Wall Street bolstered by Nvidia’s strong earnings. At 9:11 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.00 points to 1,591.68, from yesterday’s close of 1,588.68. The benchmark index started the day 4.36 points higher at 1,593.04.

Trading Activity

The broader market was positive, with gainers leading decliners 205 to 153, while 292 counters were unchanged, 1,815 untraded, and 23 suspended. Turnover stood at 182.24 million units valued at RM107.95 million.

Experts’ Views

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said trading has remained volatile as investors processed the latest US economic data, which showed a surprising dip in initial jobless claims. “The Dow Jones Industrial Average climbed 462 points, or 1.1%, to close at 35,021. The S&P 500 advanced 0.5%, while the Nasdaq managed a slight gain of under 0.1%.”

Market Trends

The FBM KLCI continues to consolidate, showing little sign of a strong rebound due to subdued buying interest and cautious trading. “The benchmark index faces persistent selling pressure, with key support at 1,585. A breach of this level could trigger further declines,” Thong said. However, the FBM KLCI is trading in the oversold region, presenting an opportunity for investors to accumulate blue chip stocks that have experienced significant declines in recent sessions due to their attractive valuations.

Stock Performance

Among the heavyweights, CIMB added 4.0 sen to RM8.25, Public Bank rose 2.0 sen to RM4.42, and Tenaga Nasional gained 14 sen to RM13.94. IHH Healthcare increased 6.0 sen to RM7.23, but Maybank slid 4.0 sen to RM10.16.

Index Performance

On the index board, the FBM Emas Shariah Index gained 29.44 points to 12,100.33, the FBM Emas Index garnered 25.18 points to 12,112.79, and the FBMT 100 Index added 25.18 points to 11,816.40.

Sectoral Performance

Sector-wise, the Financial Services Index increased by 20.69 points to 19,051.82, the Energy Index edged up 0.03 points to 826.13, and the Plantation Index expanded 21.09 points to 7,587.47. However, the Industrial Products and Services Index was 0.28 of a point lower at 171.73.

Conclusion

In conclusion, Bursa Malaysia opened higher today, tracking the positive performance on Wall Street overnight. The FBM KLCI continues to consolidate, with key support at 1,585, and investors are advised to accumulate blue chip stocks with attractive valuations.

FAQs

Q: What was the opening price of the FBM KLCI today?
A: The FBM KLCI opened at 1,591.68, up 3.00 points from yesterday’s close.

Q: How did the broader market perform today?
A: The broader market was positive, with gainers leading decliners 205 to 153, while 292 counters were unchanged, 1,815 untraded, and 23 suspended.

Q: What was the turnover value at 9:11 am today?
A: The turnover value stood at RM107.95 million.

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