Bursa opens firmer on higher oil, Wall Street surge

KUALA LUMPUR, May 19 — Bursa Malaysia opened higher today, riding the waves of higher crude oil prices along with Wall Street's overnight positive sentiment on hopes for a potential vaccine against Covid-19.

At 9.05 am, the benchmark FTSE Bursa Malaysia KCLI (FBM KLCI) jumped 11.20 points, or 0.79 per cent to 1,421.36 from 1,410.16 at yesterday’s close.

The index opened 9.61 points higher at 1,419.77.

Market breadth was positive with gainers thumping losers 466 to 89, while 204 counters were unchanged, 1,132 untraded and 19 others suspended.

Turnover stood at 926.86 million worth RM298.06 million.

Rakuten Trade Sdn Bhd Research said with the Wall Street surged yesterday on hopes of an early success for a vaccine against Covid-19, one should expect such optimism to spread across the regional markets today.

On the local front, it expected the FBM KLCI to trend higher during the early sessions but may experience some profit-taking along the way.

“Hence, we expect the benchmark index to test the 1,425 level and to close around the 1,420.

“Nonetheless, we continue to advise investors to exercise caution,” it said in a note today.

Meanwhile, Malacca Securities Sdn Bhd expected the FBM KLCI to be able to maintain its position above the 1,400 psychological level.

“The continuous buying support may power the local bourse to re-test the 1,430 resistance level. On the flip side, the immediate support is pegged at the 1,380 level,” it said.

As at 9.37am, benchmark Brent Crude price increased by 1.44 per cent to US$35.31 (RM153.55) per barrel.

Of the heavyweights, Petronas Chemicals increased 17 sen to RM5.73, Public Bank strengthened 24 sen to RM15.60, Maybank bagged eight sen to RM7.49, Genting was 16 sen higher at RM4.14 and Tenaga expanded 10 sen to RM12.22.

The most actives were dominated by oil and gas-linked counters. Velesto added two sen to 19 sen, Sapura Energy gained one sen to 11 sen, Icon Offshore and KNM edged up 2.5 sen each to 15 sen and 26.5 sen, respectively.

Technology-linked counter Eduspec added half-a-sen to 3.5 sen.

Top gainer is KLK, rising 44 sen to RM20.94 while top loser Kossan was 35 sen weaker at RM7.38.

On the index board, the FBM Emas Index leapt 99.97 points to 10,079.30, the FBMT 100 Index climbed 93.42 points to 9,908.86, the FBM Emas Shariah Index was 85.14 points higher at 11,385.06.

The FBM ACE increased 42.05 points to 5,445.36 and the FBM 70 surged 180.64 points to 12,511.08.

Sector-wise, the Energy Index bagged 54.37 points to 896.58 and the Financial Services Index improved 146.68 points to 12,477.77.

The Industrial Products and Services Index inched up 1.99 points to 123.58 and the Plantation Index advanced 59.46 points to 6,393.14. — Bernama