FBM KLCI rises in opening trade ahead of OPR, US election results

KUALA LUMPUR: Bursa Malaysia's key index rose in opening trade on Wednesday, with the FBM KLCI expected to trade within the 1,615-1,625 points range ahead of two major events today - Bank Negara's overnight policy rate (OPR) decision and the results of the US presidential election.

At 9.02 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.01 points to 1,624.71 from Tuesday's close of 1,620.70. The benchmark index opened at 3.71 points higher at 1,624.41.

Across the broader market, gainers outpaced decliners 130 to 63 while 222 counters were unchanged, 1,979 remained untraded, and nine were suspended.

Turnover stood at 84.83 million shares valued at RM34.26 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that Wall Street closed broadly higher overnight ahead of the results of the US presidential election, which was expected to be tight. "Meanwhile, the US 10-year yield dipped to 4.28 per cent ahead of the US Federal Reserve's interest rate decision (on Thursday)," he told Bernama.

Back home, Thong said the FBM KLCI managed to close just above the 1,620 level at yesterday's close amid a choppy session, as investors continued to buy up bank, plantation, and telco stocks ahead of corporate earnings results later this month. "Although the outlook on Wall Street remains jittery, we expect the local bourse to stay steady following recent sell-downs," he added.

Among the heavyweight stocks, Maybank and Tenaga Nasional rose 4.0 sen each to RM10.58 and RM14.12, respectively, while CIMB Group gained 3.0 sen to RM8.15, Public Bank added 1.0 sen to RM4.44 while IHH Healthcare was flat at RM7.31.

Of the active counters, ACE Market debutant 3Ren rose 5.0 sen to 33 sen, Cape EMS added 1.0 sen to 37 sen, Top Glove climbed 2.0 sen to RM1.10 and KHPT Holdings edged up half-a-sen to 20.5 sen. Pegasus Heights was flat at 1.0 sen.

On the index board, the FBM Emas Index climbed 26.35 points to 12,253.59, the FBMT 100 Index rose 29.16 points to 11,967.98 and the FBM Emas Shariah Index advanced 21.72 points to 12,206.53.

The FBM 70 Index gained 42.11 points to 17,778.87 and the FBM ACE Index fell 2.50 points to 5,066.58.

Sector-wise, the Financial Services Index surged 44.91 points to 19,212.44, the Industrial Products and Services Index edged up 0.28 points to 172.59, the Energy Index added 3.25 points to 840.60 and the Plantation Index gained 22.46 points to 7,634.89.

-- BERNAMA