malaysiangKUALA LUMPUR, Bursa Malaysia extended its positive momentum this morning, buoyed by favourable global market sentiment, according to an analyst.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) appreciated 2.59 points to 1,672.96, from Tuesday’s close of 1,670.37.
The benchmark index opened stronger, up 3.69 points at 1,674.06.
Across the broader market, gainers outnumbered losers 277 to 132, with 275 counters unchanged, 1,833 untraded and 18 suspended.
Turnover stood at 199.67 million units worth RM113.60 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that regional markets gained ground, following Wall Street’s strong overnight rally after China unveiled stimulus measures to bolster its economy.
Thong said Wall Street ended positively, with all three major indices reaching all-time highs, despite a significant one-month decline in consumer confidence.
The Dow Jones Industrial Average gained 83 points, while the Nasdaq rose 100 points, with the US 10-yea
r yield remaining flat at 3.732 per cent.
“Back home, the FBMKLCI closed positively but remained in consolidation mode.
“As such, we reckon the index needs to break the 1,680 mark decisively to resume its challenge towards the 1,700 mark,” he said.
Thong also highlighted the recent strength of the ringgit as a key factor attracting foreign funds, supported by the widening spread between the 10-year MGS and the 10-year bond yield, now around 50 basis points.
He expects the index to fluctuate within the 1,670-1,680 range today.
Among Bursa Malaysia heavyweights, Tenaga Nasional gained eight sen to RM15.12, IHH Healthcare advanced three sen to RM7.14, Maybank eased two sen to RM10.72, CIMB Group slipped one sen to RM8.28, and Public Bank was unchanged at RM4.68.
For active counters, Globetronics Technology rose 5.5 sen to 76.5 sen, V.S Industry added five sen to RM1.16, 99 Speed Mart Retail climbed 10 sen to RM2.26, AGX Group advanced two sen to 55 sen, while MY E.G. Services fell half-a-sen to 89.5 sen.
On the index board, the FBM Emas Index climbed 28.05 points to 12,550.11, the FBM Emas Shariah Index added 46.37 points to 12,435.70, the FBMT 100 Index increased 25.41 points to 12,240.78, the FBM 70 Index surged 61.06 points to 17,878.70, and the FBM ACE Index gained 14.19 points to 5,198.85.
By sector, the Energy Index rose 1.73 points to 879.74, the Plantation Index gained 7.05 points to 7,185.13, and the Industrial Products and Services Index edged up 0.71 of-a-point to 177.92, while the Financial Services Index lost 21.67 points to 19,706.70.
Source: BERNAMA News Agency
