Bursa rebounds to open higher

TheEdge Thu, Mar 07, 2024 09:33am - 3 months View Original

KUALA LUMPUR (March 7): Bursa Malaysia rebounded to trade in positive territory in the early morning session on Thursday, mirroring the uptrend on Wall Street as sentiment improved following the US Federal Reserve’s comments on interest rates cut.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) improved 5.27 points to 1,536.78 from Wednesday’s close of 1,531.51.

The benchmark index opened 0.19 of-a-point higher at 1,531.70.

On the broader market, gainers outnumbered decliners 184 to 137, while 256 counters were unchanged, 1,698 untraded and 29 suspended.

Turnover amounted to 196.73 million units worth RM90.34 million.

Fed Chair Jerome Powell in his two-day Congressional testimony beginning Wednesday reportedly said that interest rates will be cut this year despite borrowing costs will remain high going forward.

Following this, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng reckoned the local bourse will experience a rebound today, taking cue from the better performance in the US.

“Hence, we expect the index to trend within the 1,530-1,540 range.

“Meanwhile, the crude palm oil price traded above the RM4,000-per tonne level and this may see sustained interests in the plantation sector,” he told Bernama.

Besides, Bank Negara Malaysia’s Monetary Policy Committee will also make an announcement on the overnight policy rate later on Thursday.

Among the heavyweights, Malayan Banking Bhd perked up two sen to RM9.66, CIMB Group Holdings Bhd inched up three sen to RM6.54, Public Bank Bhd rose four sen to RM4.34, Petronas Chemicals Group Bhd increased four sen to RM7, and Tenaga Nasional Bhd was flat at RM11.16.

As for the actives, MMAG Holdings Bhd gained 1.5 sen to 12 sen, Velesto Energy Bhd added half-a-sen to 27.5 sen, Thriven Global Bhd rose 2.5 sen to 13 sen, TWL Holdings Bhd remained unchanged at 3.5 sen, and Land & General Bhd slid half-a-sen to 12 sen.

On the index board, the FBM Emas Index was 31.72 points firmer at 11,392.45, the FBMT 100 Index added 32.73 points to 11,059.18, the FBM Emas Shariah Index increased 22.32 points to 11,388.24 and the FBM 70 Index bagged 23.89 points to 15,335.49, while the FBM ACE Index slipped 3.78 points to 4,677.66.

Sector-wise, the Financial Services Index jumped 60.01 points to 17,291.83, the Plantation Index garnered 26.31 points to 7,246.35, the Energy Index improved by 1.75 points to 897.62, and the Industrial Products and Services Index edged up 0.20 of-a-point to 174.61.

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