KUALA LUMPUR, May 27 ― Bursa Malaysia opened higher today tracking last week’s upbeat Wall Street performance, said an analyst.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.75 points to 1,621.15 from last Friday's close of 1,619.40.
The barometer index opened 1.27 points higher at 1,620.67.
On the broader market, gainers outnumbered losers 294 to 166, with 341 counters unchanged, 1,606 untraded and 25 others suspended.
Turnover was 322.98 million shares worth RM155.31 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street closed positively as the artificial intelligence frenzy continues spearheaded by Nvidia, despite deteriorating expectations that the Federal Reserve will lower interest rates soon.
“The Dow Jones Industrial Average added 4.29 points while the Nasdaq Composite surged by 184.79 points to end on a record high as the US 10-year yield eased to 4.46 per cent,” he told Bernama.
At home, he expects bargain-hunting activities today spurred by decent corporate earnings reported thus far.
“We noticed that other than planters most sectors reported encouraging earnings for first quarter of 2024.
“Therefore, we expect the index to hover between the 1,615-1,625 range today,” he added.
Among the heavyweight counters, Maybank and Public Bank added one sen each to RM9.99 and RM4.18, respectively, Tenaga Nasional slid two sen to RM13.08 while CIMB and Petronas Chemicals were flat each at RM6.88 and RM6.93, respectively.
Among the actives, Dagang Nexchange put on 2.5 sen to 47.5 sen, Advance Information Marketing climbed one sen to nine sen while Sapura Energy, Pegasus Heights and AHB Holdings were flat each at 4.5 sen, half a sen and 19 sen, respectively.
On the index board, the FBM Emas Index jumped 27.15 points to 12,380.98, the FBMT 100 Index expanded 25.16 points to 11,973.41 and the FBM Emas Shariah Index bounced 43.02 points to 12,673.77, the FBM ACE Index surged 46.80 points to 5,590.95 and the FBM 70 Index gained 87.10 points to 17,879.05.
Sector-wise, the Financial Services Index ticked up 17.10 points to 17,706.10, the Industrial Products and Services Index inched up 0.37 of-a-point to 197.02, the Energy Index grew 3.02 points to 1,004.55 while the Plantation Index down 7.13 points to 7,295.25. ― Bernama
