Bursa opens higher in line with Wall St performance overnight

TheEdge Tue, Jan 09, 2024 09:42am - 5 months View Original

KUALA LUMPUR (Jan 9): Bursa Malaysia opened higher in early trade on Tuesday in sync with the overnight performance on Wall Street, where bargain-hunting activities emerged after a tough week.

At 9.16am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.43 points to 1,500.13 from Monday's close of 1,495.70.

The FBM KLCI opened 1.47 points firmer at 1,497.17.

On the broader market, gainers led losers 336 to 180, while 360 counters were unchanged, 1,343 untraded and 19 suspended.

Turnover amounted to 605.61 million units worth RM270.02 million.

Rakuten Trade equity research vice-president Thong Pak Leng said following Wall Street's rebound, technology stocks led gainers with the Nasdaq adding 320 points and Dow Jones Industrial Average closing 217 points higher on Monday while the US 10-year Treasury yield eased marginally to 4.027%.

Meanwhile, over in Hong Kong, the Hang Seng Index maintained its worst start to a new year, losing a further 311 points as outlook for China remains bleak, he said.

“Back home, the FBM KLCI continued with its impressive start for 2024 as foreign funds continue mopping up local equities.

“Though the 1,500 level may act as the immediate psychological resistance, we believe this will be breached soon in view of the recent improving daily trading volume,” he told Bernama.

Thong said the index is expected to hover within the 1,490-1,500 range on Tuesday.

Among the heavyweights, Malayan Banking Bhd gained three sen to RM9.09, Public Bank Bhd added one sen to RM4.37 and CIMB Group Holdings Bhd increased two sen to RM6.05, while Tenaga Nasional Bhd was flat at RM10.54 and Petronas Chemicals Group Bhd was unchanged at RM7.22.

Of the actives, Minetech Resources Bhd rose half-a-sen to 22.5 sen, TWL Holdings Bhd went up half-a-sen to 4.5 sen, and AHB Holdings Bhd was half-a-sen higher at 14 sen, Sarawak Consolidated Industries Bhd perked up 3.5 sen to RM1.02, and Hong Seng Consolidated Bhd was flat at three sen.  

On the index board, the FBM 70 Index went up 53.38 points to 15,187.22, the FBMT 100 Index edged up 33.56 points to 10,834.92, the FBM Emas Shariah Index improved 21.03 points to 11,298.80, the FBM Emas Index climbed 34.99 points to 11,194.37, and the FBM ACE Index advanced 21.74 points to 5,470.44.

Sector-wise, the Industrial Products and Services Index was 0.51 of-a-point better at 178.70, the Financial Services Index increased 70.18 points to 16,739.23, the Plantation Index inched up 7.17 points to 7,072.90, and the Property Index strengthened 2.92 points to 925.52, but the Energy Index shed 0.42 of-a-point to 848.58.

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