By Rosemarie Khoo
KUALA LUMPUR, Dec 20 (Bernama) -- Bursa Malaysia opened higher today amid a mixed performance on Wall Street overnight, said an analyst.
At 9.11 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.63 points to 1,602.72 from Thursday’s close of 1,600.09.
The benchmark index opened 0.32 of-a-point higher at 1,600.41.
The broader market was marginally negative with decliners outnumbering gainers191 to 161, while 300 counters were unchanged, 1,821 untraded and 50 suspended.
Turnover stood at 298.05 million units worth RM125.35 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng the mixed performance on Wall Street depicted that the US equities were entering a consolidation phase.
He said sentiment was spooked by the outlook on interest rates which may stay elevated as reflected from the US 10-year yield that ended higher at 4.56 per cent.
As for Hong Kong, the Hang Seng Index declined in tandem with the plunge on Wall Street overnight, underscored by the hawkish statement from the US Federal Reserve’s (Fed) slower interest rate cuts in 2025 comment.
On the home front, the FBM KLCI maintained above the 1,600 mark to remain as the only stock market within the Southeast Asian (SEA) region to reverse earlier losses.
“This underpins our belief that the index will end 2024 above the 1,600 level.
“Anyhow, we still regard the US debt ceiling and national debt as the major headwinds on Wall Street that hopefully should divert foreign funds back to the Asian and SEA regions.
“As such, we expect the index to hover within the 1,600-1,610 range today,” Thong told Bernama.
Among heavyweight counters, YTL Corporation gained 13 sen to RM2.68, YTL Power International increased 5.0 sen to RM4.13, Public Bank rose 2.0 sen to RM4.51, SD Guthrie appreciated by 4.0 sen to RM4.95, and Telekom added 6.0 sen to RM6.69.
YTL Corporation and YTL Power International were also among the most active stocks.
Other active stocks include Zen Tech and EA Holdings which were both flat at 1.0 sen, Sarawak Cable added half-a-sen to 12 sen,
On the index board, the FBM Emas Shariah Index added 1.66 points to 12,265.42, the FBM Emas Index climbed 11.75 points to 12,288.73 and the FBMT 100 Index strengthened by 12.72 points to 11,977.85.
The FBM 70 Index, however, fell 5.52 points to 18,428.56 and the FBM ACE Index declined 9.66 points to 5,246.74..
By sector, the Industrial Products and Services Index recovered 0.21 of-a-point to 171.11, the Plantation Index garnered 10.41 points to 7,596.52 and the Financial Services Index increased 0.3 of-a-point to 18,840.57.
The Energy Index dropped 1.21 points to 809.85.
-- BERNAMA
