Bursa Malaysia opens higher following upbeat Wall Street performance

KUALA LUMPUR: Bursa Malaysia opened higher on the first day of December, tracking Wall Street's upbeat performance overnight, as traders celebrated the US Federal Reserve's statement that it would be less aggressive with rate hikes going forward.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.08 points to 1,492.88 from yesterday's closing of 1,488.80.

The market bellwether opened 2.00 points better at 1,490.80.

There were 286 gainers and 116 losers on the broader market, while 231 counters were unchanged, 1,600 untraded and 14 others suspended.

Turnover stood at 228.96 million units worth RM94.08 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI finally broke out from its consolidation phase supported by strong buying activities.

"We reckon recent news to revive the nation's economy may shift interest to the construction sector as the multiplier effect is deemed the highest to spur domestic economic activities.

"Meanwhile, the easing of restrictions in Guangzhou and Chongqing may also improve regional sentiment. Thus we reckon the index will trend in the 1,485-1,500 range today," he told Bernama.

Meanwhile, the benchmark Brent crude oil ended above the US$85 per barrel, attributed to lower-than-expected inventory level, Thong added.

Among the heavyweights, Maybank gained four sen to RM8.67, Petronas Chemicals rose six sen to RM8.60, CIMB increased two sen to RM5.82, Public Bank was flat at RM4.50, and Tenaga fell five sen to RM9.37.

Of the actives, MQ Technology was unchanged at five sen, Infomina bagged 6.5 sen to 64.5 sen, and Reach Energy added one sen to five sen, while Zen Tech and Fintec Global were half-a-sen lower each at 3.5 sen and one sen, respectively.

On the index board, the FBM Emas Index increased 40.19 points to 10,673.89, the FBMT 100 Index climbed 38.50 points to 10,390.76, the FBM Emas Shariah Index put on 42.97 points to 10,826.06, the FBM 70 rose 88.12 points to 12,939.21, and the FBM ACE garnered 25.99 points to 5,237.14.

Sector-wise, the Financial Services Index advanced 45.72 points to 16,669.06, the Plantation Index lifted 50.42 points to 6,778.19, the Industrial Products and Services Index inched up 0.53 of a point to 182.29, and the Energy Index added 9.73 points to 777.24.

-- BERNAMA