Bursa Malaysia Opens Higher Following Strong 2Q GDP Growth

By Abdul Hamid A Rahman

KUALA LUMPUR, Aug 19 (Bernama) -- Bursa Malaysia opened higher on the first trading day of the week, supported by encouraging economic data from both Malaysia and the United States (US).

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 3.09 points to 1,626.99 from last Friday’s close of 1,623.90.

The index opened 1.24 points stronger at 1,625.14.

On the broader market, gainers outpaced decliners 234 to 181, with 280 counters unchanged, 1,800 untraded and 22 suspended.

Turnover stood at 235.02 million units worth RM124.73 million.

Last Friday, Bank Negara Malaysia reported that Malaysia's gross domestic product expanded by 5.9 per cent in the second quarter of 2024 (2Q 2024), exceeding the earlier advanced estimate of 5.8 per cent.

This growth was driven by robust household spending, vigorous investment activities, and a significant increase in tourism arrivals.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that the strengthening ringgit may also play a crucial role in attracting foreign fund inflows.

“I anticipate the index will trend within the 1,620-1,635 range today.

“It is crucial for the index to break the 1,630 mark decisively to resume its uptrend moving forward,” he said.

Meanwhile, he noted that the Wall Street’s rebound has continued on the back of much stronger US retail sales and a decline in weekly jobless claims.

“All of its three major indices ended positively last Friday, with the Dow Jones rising by 97 points and the Nasdaq rising by 37 points.

“With an interest rate cut looking imminent in September, the US 10-year yield dipped to 3.88 per cent,” he added.

Back home, Bursa heavyweights CIMB Group rose 12.0 sen to RM7.78, Tenaga Nasional increased 4.0 sen to RM13.90, and Public Bank and IHH Healthcare were flat at RM4.29 and RM6.30, respectively, while Maybank fell 4.0 sen to RM10.22.

Among the actives, Top Glove climbed 2.5 sen to 97.5 sen, My E.G. Services increased by 3.5 sen to 95.0 sen, Euro Holdings inched up 1.0 sen to 9.0 sen and MUI Properties added 3.5 sen to 41.5 sen, while TWL Holdings was flat at 2.5 sen.

On the index board, the FBM Emas Index jumped 29.83 points to 12,364.96, the FBMT 100 Index increased 29.76 points to 12,005.85, and the FBM Emas Shariah Index gained 34.99 points to 12,437.03, while the FBM 70 Index rose 69.95 points to 17,913.60 and the FBM ACE Index improved 34.93 points to 5,433.91.

Sector-wise, the Financial Services Index garnered 40.26 points to 18,459.98, the Industrial Products and Services Index inched up 0.26 of-a-point to 184.05 and the Energy Index increased by 0.86 of-a-point to 952.96, while the Plantation Index decreased by 4.31 points to 7,179.69.

-- BERNAMA