Bursa gets a lift from positive global sentiment

TheStar Thu, Sep 23, 2021 09:27am - 2 years View Original


KUALA LUMPUR: Malaysian equities opened higher on Thursday as global sentiment was lifted by indications that the US Federal Reserve will hold interest rates steady while moderating asset purchases.

At 9.10am, the FBM KLCI was up 5.49 points to 1,534.51, tracking a 1% jump across Wall Street's major indices on the back of little change in the Fed's policy.

There was also positive news on the domestic front as the government moved three more states to the next phase of the National Recovery Plan.

"As three more states are transitioning to the next phase of the NRP, which singals brighter economic recovery going forward, it should position well for the recovery theme sectors," said Malacca Securities Research.

Meanwhile, the research house also expects telco stocks to continue to rally on the back of the Jendela tender, which is expected to be issued in four weeks.

In early trade, Axiata was up one sen to RM4.01, Maxis gained two sne to RM4.66 and Digi rose three sen to RM4.49.

Bank stocks were up with Public Bank gaining two sen to RM4.06, CIMB rising two sen to RM4.82 and Hong Leong Bank climbing 14 sen to RM18.60.

Press Metal jumped nine sen to RM5.74 while Tenaga Nasional added eight sen to RM9.89.

On the broader market, semiconductor plays continued to rally with gains in MPI up 48 sne to RM45.50, Unisem rising 20 sen to RM8.75 and D&O adding 13 sne to RM6.02.

Top actives were Bintai Kinden gaining four sen to 69 sen, Opcom climbing 13 sen to RM1.24 and KNM adding 0.5 sen to 23.5 sen.

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