Bursa Opens Higher on Wall Street’s Overnight Gains
Market Overview
KUALA LUMPUR: Bursa Malaysia opened higher this morning, taking its cue from Wall Street’s strong overnight performance.
Benchmark Index Performance
At 9:05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.65 points to 1,511.47 from Monday’s close of 1,503.82. The benchmark index opened 6.25 points higher at 1,510.07.
Market Activity
On the broader market, gainers surpassed decliners 211 to 81, with 211 counters unchanged, 1,933 untraded, and 16 suspended. Turnover stood at 130.19 million shares worth RM59.74 million.
Analyst Insights
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng attributed the market’s performance to Wall Street’s gains. "The US 10-year yield increased to 4.34%," he said. "The outlook remains dull as daily volume continues to hover around the 3.0 billion shares level. In view of the lack of fresh funds, we believe the index will hover within the 1,500 to 1,510 range again today."
Market Leaders
Among the heavyweights, Maybank added 8.0 sen to RM10.24, CIMB Group rose 4.0 sen to RM6.96, IHH Healthcare gained 3.0 sen to RM6.98, and Public Bank garnered 1.0 sen to RM4.49, while Tenaga Nasional remained unchanged at RM13.56.
Actives
Among the actives, EA Holdings, Borneo Oil, Zen Tech International, and Mestron Holdings were flat at half-a-sen, 1.0 sen, 1.0 sen, and 25.5 sen, respectively. Wawasan Dengkil, the ACE market debutant, edged down half-a-sen to 24.5 sen.
Index Performance
On the index board, the FBM Emas Index jumped 59.38 points to 11,322.47, the FBMT 100 Index expanded 58.24 points to 11,080.83, the FBM Emas Shariah Index gained 54.14 points to 11,037.91, the FBM 70 Index rose 94.02 points to 16,218.67, and the FBM ACE Index increased 9.37 points to 4,751.88.
Sectors
Sector-wise, the Financial Services Index ticked up 90.02 points to 18,444.07, the Industrial Products and Services Index edged up 0.27 of-a-point to 152.32, the Energy Index added 6.15 points to 753.25, and the Plantation Index rose 8.30 points to 7,455.21.
Conclusion
Bursa Malaysia opened higher today, reflecting the positive sentiment from Wall Street’s overnight performance. The market is expected to remain range-bound, with the FBM KLCI likely to hover within the 1,500 to 1,510 range.
Frequently Asked Questions
Q: What was the opening performance of the FBM KLCI?
A: The FBM KLCI rose 7.65 points to 1,511.47 at 9:05 am.
Q: What was the market’s performance on the broader market?
A: Gainers surpassed decliners 211 to 81, with 211 counters unchanged, 1,933 untraded, and 16 suspended.
Q: What was the outlook of Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng?
A: The outlook remains dull as daily volume continues to hover around the 3.0 billion shares level. In view of the lack of fresh funds, the index will likely hover within the 1,500 to 1,510 range again today.