Bursa Malaysia Opens Higher Tracking Wall Street

By Rosemarie Khoo

KUALA LUMPUR, Nov 11 (Bernama) -- Bursa Malaysia's key index was higher in early trade today, tracking Wall Street which closed on a strong note with the Dow Jones Industrial Average (DJIA) hitting a record high of 44,000 last Friday as stocks stayed firmly bullish, said an analyst. 

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) perked up 3.41 points to 1,624.65 from Friday’s close of 1,621.24. 

The benchmark index opened 4.39 points higher at 1,625.63.

Across the broader market, decliners marginally led gainers 182 to 170 while 296 counters were unchanged, 1,759 untraded and 15 suspended.

Turnover stood at 201.99 million shares valued at RM130.25 million.

Meanwhile, on the external front, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said US President-elect Donald Trump is committed to cutting red tape in industries such as housing and energy.

He also plans to extend the Tax Cuts and Jobs Act of 2017, expiring in 2025, push for a corporate tax rate reduction from 21 per cent to 15 per cent, and introduce an "efficiency committee" to curb government waste.

In Hong Kong, the Hang Seng Index closed lower due to profit-taking, with investors remaining cautious ahead of anticipated economic measures from Beijing.

The top legislative body in China wrapped up its meeting last Friday. Last month, Beijing introduced several fiscal and monetary measures to support the economy; lack of clarity on scale and timeline have resulted in market uncertainties.

On the local front, the FBM KLCI closed slightly down from Friday amid mixed regional markets, although the local equities outlook remains positive, with Malaysia’s economy supported by strong consumer demand, sector recovery, and government resilience measures.

“Structural reforms are expected to lift corporate earnings. Plantation stocks may see continued short-term interest as crude palm oil (CPO) futures surpassed RM5,000 per tonne.

“We expect the benchmark index to trend within the 1,620-1,630 range today,” Thong told Bernama. 

Among the heavyweights, Axiata and QL Resources gained 3.0 sen each to RM2.28 and RM4.88, respectively, IHH Healthcare increased 6.0 sen to RM7.27, CIMB added 5.0 sen to RM8.27, Maxis rose 2.0 sen to RM3.59 and IOI Corp improved 2.0 sen to RM3.59.

Of the most actives, Mega Fortris eased half-a-sen to 66.5 sen, Azam Jaya ticked up 36 sen to RM1.14, 3Ren was 1.0 sen lower at 44 sen, Ekovest reduced half-a-sen to 37 sen, Sarawak Cable slid 2.0 sen to 9.0 sen and Silver Ridge was flat at 53.5 sen. 

On the index board, the FBM Emas Shariah Index increased 4.47 points to 12,236.27, the FBM Emas Index strengthened 11.02 points to 12,276.89, the FBMT 100 Index put on 12.56 points to 11,979.02.

The FBM 70 Index declined 19.57 points to 17,845.82 and the FBM ACE Index fell 3.65 points to 5,141.27.

Sector-wise, the Industrial Products and Services Index decreased by 0.18 of-a-point to 172.43, the Energy Index dropped 0.87 of-a-point to 833.21, but the Plantation Index gained 29.57 points to 7,661.15, and the Financial Services Index appreciated by 32.80 points to 19,289.82.

-- BERNAMA