Bursa Malaysia continues to open firmer amid Wall Street gains

KUALA LUMPUR: Bursa Malaysia's barometer index opened higher for the second consecutive day, driven by Wall Street's recovery following broad-based buying after a major stock rout, according to a dealer.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) appreciated 1.33 points or 0.84 per cent to 1,575.72 from Tuesday's close of 1,574.39. The index had initially opened 1.73 points higher at 1,576.12.

On the broader market, gainers outpaced decliners 234 to 142, with 255 counters unchanged, 1,786 untraded and eight suspended.

Turnover stood at 201.72 million units worth RM94.15 million.

The Dow Jones Industrial Average (DJIA) gained 294 points, while the Nasdaq added 167 points as the US 10-year yield edged higher to 3.90 per cent.

Nonetheless, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said market volatility remains high, and selling activities may re-emerge.

At the same time, he said confidence is fragile due to concerns over China's growth and the lack of easing catalysts.

"Back home, whether yesterday's recovery is sustainable remains to be seen as sentiment has turned jittery.

"We need to see persistent buying support on the local bourse over the next few days before market undertone improves," he told Bernama.

For today, he expects trading to remain cautious, with the index hovering within the 1,570-1,580 range.

"We are also keeping an eye on the Middle East as prevailing simmering tension may boil into a full-scale conflict," he added.

Among the heavyweights, Maybank added two sen to RM10.12, Tenaga Nasional rose 14 sen to RM13.78, CIMB gained five sen to RM7.25, while Public Bank eased one sen to RM4.19 and IHH Healthcare remained flat at RM6.21.

Active counters saw mixed results. Cape EMS shed three sen to 37.5 sen, CN Asia slid one sen to 6.5 sen, while MQ Technology and Ekovest were unchanged at one sen and 37.5 sen, respectively. Top Glove firmed 1.5 sen to 93 sen.

On the index board, the FBM Emas Index ticked up 10.30 points to 11,941.58, the FBMT 100 Index climbed 8.14 points to 11,605.13, the FBM 70 Index improved by 5.93 points to 17,233.08, the FBM ACE Index advanced 26.81 points to 5,087.67 and the FBM Emas Shariah Index inched up 7.09 points to 12,055.31.

Sector-wise, the Financial Services Index increased by 29.12 points to 17,923.19, the Energy Index garnered 4.08 points to 887.89, the Industrial Products and Services Index ticked up 0.14 of-a-point to 176.00, while the Plantation Index narrowed by 28.08 points to 7,047.36, and the Technology Index inched down 0.29 of-a-point to 67.05.

-- BERNAMA

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