Bursa Opens Higher, Tracking Wall Street's Rally Last Friday

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Aug 11 (Bernama) -- Bursa Malaysia opened higher today, tracking Wall Street’s rally last Friday, which was led by gains in Apple shares following the announcement of its planned investments in the United States (US). 

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.05 points, or 0.07 per cent, to 1,558.03 from last Friday’s close of 1,556.98.

The benchmark index had earlier opened 0.76 of a point higher at 1,557.74.

However, market breadth was negative, with decliners exceeding gainers 128 to 121. Another 287 counters were unchanged, 1,987 untraded and nine suspended.

Turnover stood at 103.16 million shares worth RM42.80 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng, however, sees the overall trading pattern to be dictated by how traders interpret the ongoing tariff dynamics on the US economy.

“Meanwhile, the US 10-year yield edged higher at 4.285 per cent.

“Over in Hong Kong, the Hang Seng Index tumbled to the 24,850 level amid some profit-taking activities, citing disappointing corporate earnings and deflationary fears in China,” he told Bernama. 

Back home, he said the FBM KLCI maintained its impressive run-up as it ended higher towards the 1,560 mark last Friday. 

“Buying has been broad-based but mainly centred on the laggards again.

“Despite the positive index performance, daily volume remained less than desirable at around 2.49 billion shares,” he added. 

Therefore, he expects the index to trend within the 1,550-1,560 range today.

Among the heavyweights, Maybank went up 4.0 sen to RM9.65, Public Bank gained 1.0 sen to RM4.34, CIMB put on 3.0 sen to RM6.89, but Tenaga Nasional eased 8.0 sen to RM13.72 and IHH Healthcare fell 5.0 sen to RM6.91.

On the actively traded list, Classita and Magma increased 1.5 sen each to 9.5 sen and 41 sen, Capitaland inched up half-a-sen to 61.5 sen, while NexG and Vantris Energy were flat at 53.5 sen and 4.0 sen, respectively. 

On the broader market, the FBM Emas Index perked up 8.0 points to 11,609.79, the FBMT 100 Index widened 8.47 points to 11,388.38, the FBM Mid 70 Index advanced 15.66 points to 16,521.19, while the FBM ACE Index trimmed 0.31 of a point to 4,606.57 and the FBM Emas Shariah Index shed 3.68 points to 11,630.50.

By sector, the Financial Services Index strengthened 39.26 points to 17,620.08, the Plantation Index climbed 13.38 points to 7,439.50, and the Industrial Products and Services Index was 0.16 of a point better at 157.92; however, the Energy Index slid 0.08 of a point to 736.64.

-- BERNAMA