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Bursa opens higher despite weaker Wall Street

Bursa opens higher despite weaker Wall Street

KUALA LUMPUR: Bursa Malaysia opened higher on Monday (Sept 5) despite the weaker performance on Wall Street, lifted by positive market momentum that resulted in higher transportation and logistics as well as telecommunications and media indices, a dealer said. 

At 9.06am, the benchmark FBM KLCI had picked up 1.88 points to 1,493.06, from last Friday’s close at 1,491.18. 

The benchmark index opened 0.85 of a point better at 1,492.03.Sponsored Content

However, on the broader market, losers surpassed gainers 156 to 110, while 195 counters were unchanged, 1,825 untraded, and 19 others suspended.

Turnover stood at 166.7 million units worth RM46.58 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the Dow Jones Industrial Average declined 338 points, while the Nasdaq lost 154 points, despite the US 10-year yield easing below 3.2% last Friday.

On the home front, he reckoned that market interest should shift back to the construction sector, as reports speculating about the 15th general election grow in intensity.

“Therefore, we expect the index to trend within the 1,485-1,505 range today (Monday),” he said. 

Among the heavyweights, MISC Bhd had gained 17 sen to RM7.13, Axiata Group Bhd rose one sen to RM2.99, Maxis Bhd increased by one sen to RM3.74 and Public Bank Bhd too added one sen to RM4.68, while Malayan Banking Bhd (Maybank) inched up by three sen to RM8.96.

Of the actives, SNS Network Technology Bhd improved by one sen to 27.5 sen, Vortex Consolidated Bhd dipped half a sen to 16 sen, BCM Alliance Bhd lost half a sen to two sen and Hextar Industries Bhd too decreased by half a sen to 40.5 sen, whereas Serba Dinamik Holdings Bhd was flat at 2.5 sen. 

On the index board, the FBM Emas Index expanded 3.72 points to 10,559.25, the FBMT 100 Index advanced 4.49 points to 10,314.26, the FBM 70 lost 29.03 points to 12,532.12, the FBM ACE shed 18.98 points to 4,787.70, and the FBM Emas Shariah Index weakened 6.20 points to 10,593.43. 

Sector-wise, the Plantation Index was 9.48 points lower at 6,948.36, and the the Industrial Products and Services Index slid 0.06 of a point to 180.16, while the Financial Services Index climbed 29.66 points to 16,793.67 and the Energy Index strengthened 3.29 points to 700.36.