Bursa Malaysia opens higher

At 9.07am,  the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.40 points  better at 1,773.88 against yesterday’s close of 1,772.48. — Reuters pic
At 9.07am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.40 points better at 1,773.88 against yesterday’s close of 1,772.48. — Reuters pic

KUALA LUMPUR, Sept 7 — Bursa Malaysia opened higher today in tandem with the better performance of its Asian peers, which took the cue from the overnight rise on Wall Street.

US equity markets reacted positively to President Donald Trump decision’s to raise the US’ debt ceiling.

At 9.07am,  the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.40 points  better at 1,773.88 against yesterday’s close of 1,772.48.

The benchmark index opened 2.58 points higher at 1,775.06.

On the broader market, gainers led losers 159 to 65 with 187 counters unchanged, 1,423 untraded and 24 others were suspended.

Hong Leong Investment Bank (HLIB) said Wall Street's negative sentiment was offset by President Donald Trump’s decision to raise the debt ceiling and fund the government until Dec 15 in order to avoid a potential government shutdown.

It said despite the relief rally on Wall Street, upcoming events such as the European Central Bank and the Federal Open Market Committee meetings coupled with lingering worries over North Korea may cap the upside.

Meanwhile, HLIB said stocks on the local front should be able to gain traction following bargain hunting activities yesterday.

The FBM KLCI may revisit 1,780 while trading interest on the broader market was likely to focus on the steel, oil and gas sectors amid the recovering trend in crude oil prices.

Meanwhile, Bank Negara Malaysia is expected to announce interest rate adjustments later this morning. 

On heavyweights,  Maybank shed one sen to RM9.46, Sime Darby eased three sen to RM9.04,  Tenaga  added eight sen to RM14.48 while  Public Bank and CIMB Group were flat at RM20.60 and RM6.75, respectively.

Among active counters, Olympia industries gained 2.5 sen to 17 sen, Iris edged up one sen to 17.5 sen, both Hiap Teck  and its warrant improved half-a-sen each to 42 sen and 20.5 sen, respectively while Trive Property warrant eased half-a-sen to 3.50 sen.

The FBM Emas Index was 12.45 points better at 12,626.71, FBM 70 gained 22.23 points to 15,128.13, FBM Emas Shariah Index added 13.54 points to 12,817.22, the  FBMT 100 Index increased 9.64 points to 12,296.96 and the FBM Ace rose 59.56 points to 6,646.29.

Sector-wise, the Industrial Index eased 2.07 points to 3,195.23, the Plantation Index fell 11.25 points  7,838.63 but the Finance Index rose 21.54 points to 16,654.35. — Bernama

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