Bursa Malaysia rises at early trade amid mixed Wall Street

At 9.18 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.25 points to 1,628.81 from yesterday's close of 1,624.56. The index opened 0.22 of-a-point better at 1,624.78.

However, in the broader market, losers outpaced gainers 248 versus 222, with 355 counters unchanged, 1,660 untraded and 89 suspended.

Turnover stood at 398.28 million units worth RM166.31 million.

Malacca Securities Sdn Bhd said traders will be monitoring the two-day FOMC meeting which will dictate the direction of interest rates going forward. At the point of writing, the consensus expectation is a rate cut in September 2024.

"With mixed sentiment in the US, we believe buying interest may slow down on the local front, but trading activities may revolve around the data centre theme, such as properties, construction, and building materials, as well as stocks related to Sarawak, where we have noticed firm momentum building up in these segments.

"Additionally, we like selected stocks within the solar, shipping, and industrial products segments," it said in a note today.

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI is expected to rebound after a spate of recent selling.

"Although buying may be affected by Wall Street, we reckon the market undertone to remain positive as we enter the earnings season.

"As such, we expect the index to hover within the 1,620-1,630 range today," he told Bernama.

Meanwhile, Thong said crude oil prices declined as traders unlocked their positions given lower demand amid the weakening Chinese economy as the Brent crude dipped to US$79.78 per barrel.

Among the heavyweights, Maybank increased 4.0 sen to RM10.24, Public Bank eased 1.0 sen to RM4.23, Tenaga Nasional added 12.0 sen to RM14.22, CIMB Group perked by 3.0 sen to RM7.27, while IHH Healthcare was flat at RM6.27.

Of the actives, Ekovest and Techbond Group edged up 1.0 sen each to 45.5 sen and 54.5 sen, PCCS Group gained 6.0 sen to 51 sen, while Velocity Capital Partner and Ingenieur Gudang were flat at 8.0 sen and 5.5 sen, respectively.

On the index board, the FBM Emas Index put on 19.31 points to 12,565.86, the FBMT 100 Index improved 19.04 points to 12,153.58, the FBM Emas Shariah Index picked up 24.70 points to 12,851.88. However, the FBM 70 Index slid 17.19 points to 18,630.08, and the FBM ACE Index lost 9.47 points to 5,769.53.

Sector-wise, the Financial Services Index ticked up by 27.76 points to 18,115.63, the Construction Index went up 0.65 of-a-point to 307.30, and the Plantation Index widened by 37.0 points to 7,213.43.

However, the Healthcare Index was 9.61 points lower at 2,121.77.

-- BERNAMA