Bursa Malaysia opens higher

Bursa Malaysia opens higher

KUALA LUMPUR: Bursa Malaysia opened higher today, in line with the positive performance of its regional peers after US stocks cemented their biggest weekly gain in more than three months, last Friday.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) edged 1.94 points to 1,682.48 from last Friday’s close of 1,680.54.

The index opened 1.29 points better at 1,681.83.

On the broader market, gainers trounced losers 188 to 75, while 196 counters remained unchanged, 1,435 untraded and 35 others suspended.

Turnover stood at 227.04 million shares worth RM69.30 million.

Regionally, Singapore’s Strait Times Index leapt 0.37 per cent to 3,212.03, Japan’s Nikkei rose 0.29 per cent to 21,512.29 and China’s Shanghai Composite index increased 1.04 per cent to 3,021.75.

A dealer said the regional sentiment turned bullish after the benchmark Wall Street’s S&P 500 notched a 2.9 per cent increase last week, en route to its biggest weekly advance since late November.

According to Public Investment Bank Bhd, the S&P 500 resumed its rally by rising 0.5 per cent last Friday, after a slip on Thursday interrupted a three-day winning streak.

“The S&P has registered a weekly decline just twice this year, as trade optimism and the US Federal Reserve’s pledge to be patient on rate rises have lifted sentiment on Wall Street,“ it said in a note today.

Meanwhile, on Bursa Malaysia, among heavyweights, Maybank up four sen to RM9.51, Tenaga and CIMB added two sen each at RM12.70 and RM5.50, respectively, while Public Bank and Petronas Chemicals were unchanged at RM24.48 and RM9.25, respectively.

Stocks that were actively traded were Iris, improving 1.5 sen to 15.5 sen, Sapura Energy and PUC edged up half-a-sen each at 37 sen and 11.5 sen, respectively, while Orion bagged two sen to 21 sen and its warrant was 1.5 sen firmer at 10.5 sen.

Hong Leong Industries emerged as the top gainer, advancing 28 sen to RM10.38, followed by Aeon Credit, rose 28 sen to RM17.32, Carlsberg increased 22 sen to RM25.96, PPB went up 16 sen to RM18.40 and Allianz was eight sen higher at RM14.50.

The FBM Emas Index accumulated 12.16 points to 11,771.34, the FBMT 100 improved 11.99 points to 11,614.71, and the FBM 70 strengthened 9.0 points to 14,218.07.

The FBM Emas Shariah Index perked 13.95 points to 11,762.03 and the FBM Ace Index climbed 48.93 points to 4,883.38.

Sector-wise, the Financial Services index was 0.12 of-a-point better at 17,537.23, the Industrial Products and Services Index inched up 0.38 of-a-point easier to 171.08 and the Plantation Index was 3.88 points firmer at 7,260.07.

The physical price of gold as at 9.30am stood at RM165.16 per gramme, down 36 sen from RM165.52 at 5pm last Friday.

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