KUALA LUMPUR, Dec 17 ― Bursa Malaysia opened higher today, spurred by the positive sentiment after the US Federal Reserve (Fed) increased its interest rates, dealers said.

A dealer said the increase, the first time in nearly a decade, signalled a recovery in the US economy.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 5.16 points to 1,639.29 versus yesterday's close of 1,634.13.

“Asian stocks including Bursa Malaysia were lifted after the US centralbank's policy-setting committee raised the range of its benchmark lending rate by a quarter of a percentage point to between 0.25 per cent and 0.50 per cent.

“The Fed has finally increase its interest rates after a lengthy discussion on whether the US economy is strong enough since the 2007-2009 financial crisis,” he said.

The Fed said its new interest rates were only the beginning to a “gradual” tightening cycle, and that in deciding its next move it would put a premium on monitoring inflation. The market breadth was positive with gainers leading losers by 231 to 66, with 141 counters unchanged, 1,316 untraded and 12 others suspended.    

Turnover stood at 192.84 million shares worth RM83.58 million.

Of the heavyweights, Maybank and Public Bank rose six sen each to RM8.37 and RM18.28, respectively, TNB was flat at RM12.88, while Petronas Chemicals were one sen better at RM6.91.

Among actives, XOX rose one sen to 23.5 sen, 1 Utopia was flat at four sen and Genetec was half-a-sen better at 28.5 sen.

On the scoreboard, the FBM Emas Index rose 38.47 points to 11,468.65, FBMT100 Index gained 40.15 points to 11,145.12 and the FBM Emas Shariah Index slightly higher by 34.31 points to 12,331.49.

The FBM Ace improved 18.60 points to 6,335.89 and the FBM 70 increased 64.92 points to 12,890.68.

On a sectoral basis, the Finance Index added 62.10 points to 14,039.89, Industrial Index inched up 5.76 points to 3,179.66 and the Plantation Index was 28.22 points higher at 7,365.82.― Bernama