Bursa Malaysia Opens Higher On Positive Sentiments

By Abdul Hamid A Rahman

KUALA LUMPUR, Aug 22 (Bernama) -- Bursa Malaysia opened higher, driven by positive sentiments following Wall Street’s gains overnight.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added by 1.33 points to 1,636.65, compared with the previous close of 1,635.32. 

The index initially opened 5.01 points higher at 1,640.33.

In the broader market, gainers outnumbered losers by 202 to 184, with 238 counters remaining unchanged, 1,873 untraded, and eight suspended.

Turnover reached 340.10 million units, valued at RM178.78 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that Wall Street achieved gains as traders are convinced of a rate cut next month following the release of the minutes from the Federal Reserve’s last meeting.

“The Dow Jones Industrial Average added 55 points, while the Nasdaq gained 102 points, with the United States 10-year yield easing to 3.79 per cent,” he told Bernama.

Domestically, he said that the FBM KLCI might maintain its downtrend as profit-taking activities continued following the sharp gains on Monday.

“Nonetheless, the index managed to close above the crucial 1,630 level, and if this level is broken, we may see another potential consolidation phase.

“Therefore, it is pivotal that buying activities return to avoid such an incident. We expect the index to hover within the 1,630-1,640 range today,” he added.

Among the heavyweights, Maybank fell 2.0 sen to RM10.50, CIMB Group and Public Bank decreased 5.0 sen each to RM7.84 and RM4.58, respectively, Tenaga Nasional dropped 2.0 sen to RM13.88, and IHH Healthcare declined 1.0 sen to RM6.31

Among the actives, Eldridge Energy increased 6.0 sen to 35 sen, YTL Power rose 26.0 sen to RM4.01, and Velocity Capital added half-a-sen to 6.5 sen. Meanwhile, Mikro MSC edged down 4.5 sen to 28.5 sen, and Cape EMS shaved half-a-sen to 42 sen.

On the index board, the FBM Emas Index rose 11.95 points to 12,420.74, the FBMT 100 Index increased 11.33 points to 12,076.88, the FBM 70 Index gained 22.58 points to 18,018.81, and the FBM Emas Shariah Index added 18.93 points to 12,367.80 while the FBM ACE Index fell 20.71 points to 5,315.57.

Sector-wise, the Plantation Index rose 25.29 points to 7,135.00 while the Financial Services Index decreased 83.30 points to 19,094.66, the Industrial Products and Services Index ticked down 0.01 of-a-point to 182.23, and the Energy Index dropped 3.00 points to 932.72.

-- BERNAMA