BURSA MALAYSIA OPENS MARGINALLY HIGHER

(Adding 2 sen to RM1.43 for Top Glove in 3rd para from bottom) 

KUALA LUMPUR, Dec 16 (Bernama)  -- Bursa Malaysia opened marginally higher today, buoyed by optimism that the local benchmark index would continue to improve towards year-end despite the mixed performance on Wall Street, said an analyst. 

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.09 of-a-point to 1,608.84 from last Friday’s close of 1,608.75. 

The index opened 0.13 of-a-point higher at 1,608.88. 

Market breadth was slightly positive as advancers trounced decliners 162 to 122, while 336 counters were unchanged, 1,855 untraded and 16 suspended.

Turnover stood at 142.54 million units valued at RM73.26 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street closed mixed as traders were mostly sidelined ahead of the Federal Open Market Committee (FOMC) meeting tomorrow.

Although many expect the US Federal Reserve (Fed) to cut interest rates, the US 10-year yield remains stubbornly high at 4.395 per cent.

He said this would place the US national debt currently at US$36.2 trillion in an interesting position when the debt ceiling suspension ends on Jan 1, 2025.

Over in Hong Kong, the Hang Seng Index (HSI) slumped to below the 20,000 level as the conclusion of the Chinese economic policy meeting failed to satisfy investors. While waiting for more clarity, China’s bond market rallied with the 10-year yield hitting a record low of 1.773 per cent.

Back home, the FBMKLCI rebounded to close near the 1,610 level amid the emergence of buying activities.

"We believe liquidity within the local bourse is still low but remain hopeful that the index will test 1,630 before 2024 ends. For today, we expect the index to hover within the 1,605 -1,615 range," Thong told Bernama. 

Among other heavyweights, Axiata Group increased 4.0 sen to RM2.41, Kuala Lumpur Kepong rose 18 sen to RM21.58, Petronas Chemicals Group added 3.0 sen to RM5.00, Maxis gained 2.0 sen to RM3.56, and MR DIY ticked up 1.0 sen to RM1.82. 

Of the active stocks, Topvision Eye Specialist climbed 5.5 sen to 38.5 sen, Datasonic was flat at 43 sen, JCY grew 1.5 sen to 50 sen, Sentoria Group added half-a-sen to 2.5 sen and Top Glove edged up 2 sen to RM1.43. 

On the index board, the FBM Emas Index expanded 5.75 points to 12,361.82, the FBMT 100 Index increased 4.85 points to 12,042.14, the FBM 70 Index bagged 22.75 points to 18,594.96, the FBM Emas Shariah Index improved 10.44 points to 12,382.64, and the FBM ACE Index rose by 25.35 points to 5,335.51.

Sector-wise, the Financial Services Index, however, eased by 19.03 points to 19,098.39, the Industrial Products and Services Index declined 0.07 of-a-point to 175.70, but the Plantation Index gained 18.47 points to 7,653.52, and the Energy Index garnered 3.35 points to 823.35.

-- BERNAMA