Bursa Malaysia Opens Higher On Renewed Buying Interest

By Zufazlin Baharuddin

KUALA LUMPUR, Nov 15 (Bernama) -- Bursa Malaysia’s key index opened higher today on renewed buying interest, bucking the weaker Wall Street overnight performance.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.48 points to 1,602.16 from yesterday’s close of 1,600.68.

The benchmark index began the day 0.75 of-a-point higher at 1,601.43.

However, across the broader market, losers led gainers 170 to 167, with 223 counters unchanged, 1,904 untraded, and 21 suspended.

Turnover was 174.76 million shares, valued at RM79.60 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the traders are just buying and selling in a short period to make quick money.

“Traders are re-cautious and dare not to hold stocks for long periods,” he told Bernama.

On the global front, Hong Leong Investment Bank Bhd said as the post-election rally faded, the global stocks fell after US data and fresh comments from Powell indicated that strong economic conditions allow the US Federal Reserve to be cautious with future rate cuts.

It was reported that the latest US Producer Price Index (PPI) met expectations, with both PPI and Core PPI posting a monthly increase of 0.2 per cent and 0.3 per cent, respectively.

“The sentiment was also jolted by Donald Trump’s picks for key government posts with candidates set to carry out his Make America Great Again (MAGA) policies on the border, trade, national security and economy,” it said in a note today.

Today, traders will closely watch US retail sales and third quarter 2024 Malaysia’s gross domestic product data.

Among the heavyweights, Maybank added six sen to RM10.36, Tenaga Nasional gained two sen to RM14.32, and IHH Healthcare rose five sen to RM7.25. Meanwhile, CIMB Group and Public Bank slid one sen each to RM8.19 and RM4.46, respectively.

As for the active stocks, newly listed Metro Healthcare firmed half-a-sen to 25.5 sen, ATA IMS ticked up 1.5 sen to 30.5 sen, Bumi Armada bagged one 51 sen while PUC and Cape EMS were unchanged at 3.5 sen and 38 sen.

On the index board, the FBM Emas Shariah Index gained 15.98 points to 12,125.83, the FBM Emas Index rose 12.64 points to 12,158.09, the FBMT 100 Index expanded 13.07 points to 11,858.95, the FBM 70 Index improved 27.31 points to 17,827.59. The FBM ACE Index, however, eased 2.67 points to 5,126.92.

Sector-wise, the Energy Index gained 4.15 points to 831.44, the Financial Services Index rose 16.67 points to 19,110.90, and the Industrial Products and Services Index strengthened by 0.59 of-a-point to 168.44, while the Plantation Index fell 4.86 points to 7,7679.33.

-- BERNAMA