KUALA LUMPUR, Oct 17 — Share prices on Bursa Malaysia opened higher as investors reacted positively to the deal reached by the US Senate to end the partial government shutdown and see the largest economy avoid a debt default, dealers said.

Thirty-seven minutes after the opening, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.57 points to 1,799.94, after opening at 1,801.04.

Dealers said buying interest was noted mostly in heavyweights led by Petronas Gas.

HwangDBS Vickers Research said the deal would provide funding for the US government until January 15, 2014, and raise the debt limit until February 7, 2014.

“Although the pact only offers a temporary fix (with another showdown likely to come early next year), the breakthrough could still translate into a relief rally in global equities, led by the overnight jump of 1.2 per cent to 1.4 per cent on Wall Street,” it said in a research note. The positive vibes were also set to be felt in the local bourse.

“On the chart, the benchmark FBM KLCI appears eager to challenge and overcome the psychological mark of 1,800, possibly eyeing to advance towards the next resistance barrier of 1,825 ahead,” it added.

On the scoreboard, the Finance Index improved 53.23 points to 16,785.1, the Plantation Index 28.46 points to 8,444.15 and the Industrial Index 25.59 points at 3,095.18. The FBM Emas Index jumped 56.54 points to 12,518.55, the FBMT100 Index 55.52 points to 12,251.14, the FBM Ace 24.53 points to 5,486.78 and the FBM 70 53.05 points to 14,268.67.

Gainers led losers 299 to 93, with 208 counters unchanged, 1,013 untraded and 15 others were suspended. Turnover was mild, with 377.274 million shares, worth RM175.822 million, traded.

Among actives, the Media Shoppe edged up 0.5 sen to 9.5 sen, Malaysia Airlines was unchanged at 35.5 sen, Sumatec Resources gained 13 sen to 35.5 sen while Petronas Gas, which contributed 1.212 points to the FBM KLCI’s rise, rose 34 sen to RM23.04.

Other heavyweights Maybank and CIMB added 2 sen each to RM9.96 and RM7.48 respectively while Axiata and Petronas Chemicals rose 3 sen each to RM6.93 and RM7.16 respectively. — Bernama