Bursa Malaysia Opens Marginally Higher Despite Weaker Wall St

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 18 (Bernama) -- Bursa Malaysia’s key index opened marginally higher today despite a weaker Wall Street showing last Friday, as analysts cautioned that the Trump-inspired rally may have run its course following the Republicans’ control of both the House and Senate.  

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.62 of-a-point to 1,593.06 from Friday’s close of 1,592.44.  

The benchmark index had started the day 0.47 of-a-point higher at 1,592.91.  

However, the broader market reflected mixed sentiment, with decliners outpacing advancers 191 to 176.  

Meanwhile, 309 counters remained unchanged, 1,781 were untraded, and 15 were suspended.  

Turnover stood at 334.14 million shares, valued at RM90.64 million.  

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that following the Republicans’ control of both the House and Senate, it may backfire, and market sentiment may also have turned dangerously bullish.  

“Meanwhile, the US 10-year yield maintained its high level at 4.445 per cent despite the recent 25 basis-point cut.  

“Over in Hong Kong, the Hang Seng Index (HSI) ended flat following a choppy session, as the latest Chinese retail sales of 4.8 per cent and the slower decline in home prices were insufficient to raise traders’ spirits,” he told Bernama.  

Back home, he said the FBM KLCI was surprisingly weak as it closed below the 1,600 mark last week, signalling a potential long consolidation phase if it does not rebound immediately today.  

“Therefore, we expect some bargain-hunting activities to emerge and the index to trend within the 1,595–1,605 range today,” he added.  

Among the heavyweights, Tenaga Nasional and IHH Healthcare inched up two sen each to RM14.22 and RM7.25 respectively, CIMB Group perked up by four sen to RM8.23, but Public Bank slid three sen to RM4.44 and Maybank decreased six sen to RM10.30.  

As for the active stocks, 3REN, Bumi Armada and Yew Lee Pacific Group added half-a-sen each to 41 sen, 54 sen and 43 sen respectively, Top Glove improved by four sen to RM1.14, while P.A. Resources was flat at 29 sen.  

On the index board, the FBM Emas Shariah Index gained 37.13 points to 12,060.43, the FBM Emas Index advanced 16.50 points to 12,121.82, the FBMT 100 Index expanded 16.34 points to 11,822.54, and the FBM 70 Index jumped 67.93 points to 17,886.81.

The FBM ACE Index was up by 9.01 points to 5,156.17.  

Sector-wise, the Energy Index recovered 1.0 point to 828.17, the Financial Services Index erased 42.71 points to 19,114.13, the Industrial Products and Services Index strengthened by 1.55 points to 169.82, while the Plantation Index firmed by 1.91 points to 7,628.09.  

-- BERNAMA