Bursa Malaysia opens higher on overnight wall street rebound

Bursa Malaysia opens higher on overnight wall street rebound

KUALA LUMPUR: Bursa Malaysia clawed back from yesterday’s losses to open higher today after US stocks booked sharp gains overnight, said an analyst.

As at 9.05am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.23 points to 1,470.69 after opening 2.65 points better at 1,469.11.

Gainers outnumbered losers 305 to 94, while 228 counters were unchanged, 1,502 untraded and 19 others suspended.

Total volume stood at 404.82 million worth RM139.99 million.

Gains on the market barometer were mainly contributed by Top Glove, which rose eight sen to RM8.47, Tenaga increased six sen to RM9.66 and Axiata added three sen to RM3.03.

Public Bank gained four sen to RM14.96 and Maybank was one sen higher at RM7.02.

Rakuten Trade Sdn Bhd said US stocks rebounded ahead of the US presidential election today.

“In view of this, we believe regional markets will maintain with their uptrend.

“Locally, we expect the FBM KLCI to stage a rebound today after some weaknesses over the last few days,“ it said in a research note.

Hence, the research house said it foresees buyers emerging with the benchmark index to possibly test the 1,490 level today.

Top gainers were led by Malaysian Pacific Industries which added 52 sen to RM22.00, Supermax Corporation gained 18 sen to RM9.09, Unisem rose 16 sen to RM5.58, and Tomei Consolidated increased 14 sen to 92 sen.

On actives, XOX was one sen higher at 13.5 sen, GD Express carrier added 4.5 sen to 53.5 sen, P.A. Resources and Luster Industries were each half-a-sen higher at 10 sen and 16 sen, respectively.

On the index board, the FBM Emas Index improved 45.56 points to 10,607.59, the FBMT 100 Index was 43.01 points better at 10,426.59 and the FBM Emas Shariah Index increased 65.51 points to 12,751.49.

The FBM 70, meanwhile, went up 107.92 points to 13,848.71 and the FBM ACE was 102.62 points firmer at 9,649.02.

The Financial Services Index rose 19.54 points to 11,977.74, the Industrial Products and Services Index was 0.60 point better at 142.25 and the Plantation Index gained 3.89 points to 6,834.39.-Bernama

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