Bursa Malaysia Opens Higher, Traders Unfazed By US Shutdown
By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, Oct 2 (Bernama) -- Bursa Malaysia extended its uptrend to open higher on Thursday, tracking gains on Wall Street, as traders largely shrugged off the United States (US) government shutdown, hoping it would be short-lived, an analyst said.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.65 points to 1,626.52 from Wednesday’s close of 1,620.87, after opening 0.81 of-a-point higher at 1,621.68.
Market breadth was positive, with gainers outnumbering losers 298 to 102. Meanwhile, 288 counters were unchanged, 1,885 untraded, and 16 suspended.
Turnover stood at 213.27 million units, valued at RM115.10 million.
Rakuten Trade vice-president Thong Pak Leng said Wall Street closed higher as traders largely ignored the government shutdown, hoping it would be brief.
Although September’s job data would be delayed amid the shutdown, he said ADP figures showing a decline in private payrolls suggested that a US Federal Reserve (Fed) interest rate cut is likely, contributing to a fall in the US 10-year Treasury yield to 4.10 per cent.
On the local front, Thong noted that the FBM KLCI staged a surprisingly strong performance on Wednesday, ending just above the 1,620 level.
“We believe recent buying support suggests the index has further room to climb. Hopefully, this will revive retail participation.
"For today, we expect the index to hover between 1,620 and 1,630,” Thong told Bernama.
Among heavyweights, IHH Healthcare gained 28 sen to RM8.22, Petronas Chemicals rose 7.0 sen to RM4.32, Tenaga Nasional added 8.0 sen to RM13.18, Press Metal Aluminium increased 5.0 sen to RM5.98, and YTL Power International was up 4 sen to RM4.26.
In active trade, ACE Market debutant Camaroe was 2.0 sen firmer at 16 sen, VS Industry rose 2.5 sen to 62.5 sen, SNS gained 5.5 sen to 74.5 sen, Technase added 1.5 sen to 14 sen, and Notion improved 3.0 sen to 68.5 sen.
Other notable gainers included Malaysian Pacific Industries, up 48 sen to RM29.38; Hong Leong Bank, 12 sen higher at RM20.92; KLCC, up 11 sen to RM8.70; and Panasonic Manufacturing Malaysia, 10 sen stronger at RM8.50.
Among top losers, Lianson Fleet Group fell 3.0 sen to RM1.98, while MNRB, Allianz, United Plantations, and LPI Capital each lost 2.0 sen, closing at RM1.93, RM18.38, RM23.00 and RM14.18, respectively.
On the index board, the FBM Emas Index gained 45.75 points to 12,101.52, the FBMT 100 Index rose 44.88 points to 11,834.42, the FBM Emas Shariah Index advanced 63.06 points to 12,141.46, the FBM 70 Index climbed 80.69 points to 16,929.58, and the FBM ACE Index added 19.47 points to 5,222.75.
By sector, the Industrial Products and Services Index edged up 1.15 points to 173.65, the Energy Index slipped 0.27 of-a-point to 778.08, the Plantation Index grew 0.13 of-a-point to 7,788.24, and the Financial Services Index rose 27.71 points to 18,437.48.
-- BERNAMA