KUALA LUMPUR, June 1 — Bursa Malaysia continued last week’s upward momentum to open higher this morning amid better than usual economic outlook despite the simmering tensions between the United States and China.
At 9.14am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.73 points to 1,474.98 from Friday’s close of 1,473.25.
The index opened 1.61 points stronger at 1,474.86.
On the broader market, gainers outpaced decliners 324 versus 244, while 287 counters were unchanged, 1,013 untraded and 23 others suspended.
Turnover stood at 933.72 million units worth RM579.46 million.
Major Asian bourses were displaying an upbeat pattern as tensions between the US and China turned out not to be disruptive to trade and finance as had been feared, said a dealer.
Malacca Securities Sdn Bhd anticipates the recovery across global indices arising from the simmering tension between the US and China could make the road less bumpy for the FBM KLCI to sustain its recovery and the upsides are still on the table.
“This could see index-linked stocks marching higher again, albeit we think that gains maybe capped at the 1,495 and 1,510 resistance levels.
“Any pullback is likely to be mild with the support located at the 1,430 level,” said Malacca Securities.
Among heavyweights, Tenaga rose 26 sen to RM11.52 while Maybank and IHH Healthcare were flat at RM7.50 and RM5.43, respectively.
Public Bank lost 14 sen to RM14.52 and Petronas Chemicals eased four sen to RM6.26.
On the index board, the FBM Emas Index was 4.62 points better at 10,468.47, the FBMT 100 Index improved 2.56 points to 10,315.77, the FBM Emas Shariah Index rose 53.31 points for 12,078.53 and the FBM ACE surged 101.66 points to 5,721.47.
The FBM 70, however, declined 35.32 points to 13,159.88,
Sector-wise, the Industrial Products and Services Index slipped 0.1 of-a-point to 129.96, the Financial Services Index trimmed 36.17 points to 12,446.57 and the Plantation Index erased 68.88 points to 6,716.29. — Bernama