KUALA LUMPUR, Aug 1 — Bursa Malaysia extended earlier gains to mid-morning today, following discouraging US economic growth data, which eased expectations of a rate hike by the US Federal Reserve in the near future.

At 11.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.03 points to 1,664.29, against Friday’s close of 1,653.26.

The barometer index opened 3.92 points higher at 1,657.18.

Gainers outpaced losers 323 to 231, while 307 counters were unchanged, 817 untraded and 19 others suspended.

Turnover stood at 777.42 million shares worth RM553.59 million.

Hong Leong Investment Bank in a note said taking cue from the lower close on the Dow Jones last Friday and a persistent oil price correction which could spook renewed worries over Malaysia fiscal position, as well as the ringgit’s performance, the FBM KLCI is likely to extend sideways its consolidation this week.

Among the heavyweights, TNB gained four sen to RM14.42, Maybank improved two sen to RM8.04, Public Bank bagged 16 sen for RM19.66 and IHH Healthcare increased five sen to RM6.59.

On the scoreboard, the FBM Emas Index improved 72.23 points to 11,657.35, the FBMT100 Index increased 73.76 points to 11,357.54 and the FBM 70 expanded 80.92 points to 13,287.64.

The FBM Emas Shariah Index rose 70.48 points to 12,269.25, but the FBM Ace accumulated 90.89 points to 14,277.34.

Sector-wise, the Finance Index strengthened 90.89 points to 14,277.34, the Industrial Index increased 15.59 points to 3,110.74, and the Plantation Index gained 24.67 points to 7,586.91.

Of the actives, TH Heavy eased half-a-sen to 21.5 sen, KNM Vivocom added 1.5 sen for 29 sen and Digistar Corp gained one sen to 17 sen. — Bernama