OPR Decision Boosts Market Confidence, Lifts Bursa Malaysia In Early Trade

By Abdul Hamid A Rahman

KUALA LUMPUR, Nov 7 (Bernama) -- Bursa Malaysia's key index opened higher in early trade, buoyed by clearer investor direction in the market following yesterday's announcement of the Overnight Policy Rate (OPR).

Yesterday, Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) has decided to maintain the Overnight Policy Rate (OPR) at 3.00 per cent at its meeting.

BNM highlighted that the global economy continues to expand amid resilient labour markets and continued recovery in global trade. 

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 5.05 points to 1,639.22 from Wednesday’s close of 1,634.17. 

The benchmark index opened 1.97 points higher at 1,636.14.

Across the broader market, gainers outpaced decliners 304 to 113 while 276 counters were unchanged, 1,713 untraded and 10 suspended.

Turnover stood at 209.75 million shares valued at RM143.12 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said BNM’s decision to hold the OPR at 3.0 per cent adds clarity to the local market landscape.

“Also, the FBM KLCI finished higher due to broad-based buying and the recent upward movement in the FBM KLCI suggests some buying interest which may provide a short-term rebound opportunity.

“We anticipate the benchmark index to trend within the range of 1,630 to 1,640 today,” he told Bernama.

Among the heavyweights, Maybank and Tenaga Nasional each added 4.0 sen to RM10.64 and RM14.42, CIMB Group gained 6.0 sen to RM8.26 and IHH Healthcare picked up 2.0 sen to RM7.28.

Public Bank eased 1.0 sen to RM4.48.

Among the actives, Genetec Technology added 6.0 sen to RM1.01, Globetronics Technology advanced 2.5 sen to 61.0 sen, 3Ren rose 1.5 sen to 41.0 sen, JCY International increased 1.0 sen to 45.0 sen while JAKS Resources was unchanged at 14.0 sen.

On the index board, the FBM Emas Index increased 48.11 points to 12,428.93, the FBMT 100 Index rose  47.11 points to 12,127.88, the FBM Emas Shariah Index gained 43.75 points to 12,399.96, the FBM 70 Index rose 106.79 points to 18,212.28, and the FBM ACE Index added 11.48 points to 5,197.23.

Sector-wise, the Financial Services Index gained 57.70 points to 19,384.58, the Industrial Products and Services Index edged up 0.48 of-a-point to 175.96, the Energy Index increased 4.99 points to 841.18, and the Plantation Index added 29.92 points to 7,641.86.

-- BERNAMA