Bursa Malaysia Opens Higher, Tracks Regional Gains

By Danni Haizal Danial Donald

KUALA LUMPUR, Aug 5 (Bernama) -- Bursa Malaysia rebounded from Monday’s losses to open higher on Tuesday, tracking regional gains as investors remained optimistic about a potential United States Federal Reserve (Fed) interest rate cut next month.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.32 points, or 0.35 per cent, to 1,532.30 from Monday’s close of 1,526.98.

The benchmark index had earlier opened 1.65 points firmer at 1,528.63.

Market breadth was positive, with gainers outpacing decliners 217 to 108. A total of 261 counters were unchanged, 1,904 untraded and seven suspended.

Turnover stood at 162.99 million shares worth RM100.97 million.

The local bourse mirrored gains across the region. Hong Kong’s Hang Seng rose 0.92 per cent to 24,733.45, South Korea’s Kospi climbed 1.61 per cent to 3,198.53, and Japan’s Nikkei 225 gained 0.49 per cent to 40,487.13. Singapore’s Straits Times Index was flat at 4,197.23.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors remained hopeful of a Fed rate cut next month, which could prompt Beijing to sustain its accommodative policy stance.

“Nonetheless, we believe the FBM KLCI may experience some buying support and expect the index to hover between the 1,525 and 1,535 range today,” he told Bernama.

Among the heavyweights, Maybank added eight sen to RM9.62, Public Bank gained four sen to RM4.28, Tenaga Nasional advanced six sen to RM13.22, CIMB edged up one sen to RM6.76, while IHH Healthcare slipped two sen to RM6.68.

On the actively traded list, NexG and Dagang Nexchange were flat at 53.5 sen and 28.5 sen, respectively. Pharmaniaga rose half-a-sen to 18.5 sen, Top Glove declined one sen to 64.5 sen, and Harvest Miracle Capital eased half-a-sen to 15.5 sen.

On the broader market, the FBM Emas Index climbed 37.47 points to 11,510.29, the FBMT 100 Index added 35.75 points to 11,269.35, and the FBM Emas Shariah Index advanced 22.37 points to 11,515.58.

The FBM 70 Index gained 38.17 points to 16,652.43, while the FBM ACE Index was up 24.82 points at 4,654.19.

By sector, the Financial Services Index surged 93.63 points to 17,458.19, the Industrial Products and Services Index edged up 0.75 of-a-point to 158.67, and the Energy Index gained 1.86 points to 741.65. The Plantation Index slipped 8.05 points to 7,362.40.

-- BERNAMA