KUALA LUMPUR (Dec 1): Bursa Malaysia opened higher on the first day of December, tracking Wall Street’s upbeat performance overnight, as traders celebrated the US Federal Reserve’s statement that it would be less aggressive with rate hikes going forward.

At 9.05am on Thursday (Dec 1), the benchmark FBM KLCI index had risen by 4.08 points to 1,492.88, from Wednesday's closing at 1,488.80.

The market bellwether opened two points better at 1,490.80.

There were 286 gainers and 116 losers on the broader market, while 231 counters were unchanged, 1,600 untraded and 14 others suspended.

Turnover stood at 228.96 million units worth RM94.08 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the KLCI finally broke out from its consolidation phase, supported by strong buying activities.

"We reckon that recent news to revive the nation’s economy may shift interest to the construction sector, as the multiplier effect is deemed the highest to spur domestic economic activities.

"Meanwhile, the easing of Covid-19 restrictions in Guangzhou and Chongqing [in China] may also improve regional sentiment. We reckon that the index will trend in the 1,485-1,500 range today (Thursday)," he told Bernama.

Meanwhile, the benchmark Brent crude oil ended above the US$85 per barrel a day ago, attributed to lower-than-expected inventory levels, Thong added.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained four sen to RM8.67, Petronas Chemicals Group Bhd rose six sen to RM8.60, CIMB Group Holdings Bhd increased two sen to RM5.82, Public Bank Bhd was flat at RM4.50, and Tenaga Nasional Bhd (TNB) fell five sen to RM9.37.

Of the actives, MQ Technology Bhd was unchanged at five sen, Infomina Bhd bagged 6.5 sen to 64.5 sen, and Reach Energy Bhd added one sen to five sen, while Zen Tech International Bhd was half a sen lower at 3.5 sen, and Fintec Global Bhd too dropped by half a sen to one sen.

On the index board, the FBM Emas Index increased 40.19 points to 10,673.89, the FBMT 100 Index climbed 38.50 points to 10,390.76, the FBM Emas Shariah Index put on 42.97 points to 10,826.06, the FBM 70 rose 88.12 points to 12,939.21, and the FBM ACE garnered 25.99 points to 5,237.14.

Sector-wise, the Financial Services Index advanced 45.72 points to 16,669.06, the Plantation Index lifted 50.42 points to 6,778.19, the Industrial Products and Services Index inched up 0.53 of a point to 182.29, and the Energy Index added 9.73 points to 777.24.