KUALA LUMPUR, June 11 — Bursa Malaysia opened higher today, despite the weaker overnight performance of Wall Street as investors assessed the dovish statement from the US Federal Reserve (Fed), dealers said.
At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.29 points higher at 1,580.56 from Wednesday’s close of 1,575.27.
The index opened 2.38 points better at 1,577.65.
On the broader market, gainers led losers 317 versus 108, while 259 counters were unchanged, 1,225 untraded and 20 others suspended.
Turnover stood at 722.78 million units worth RM213.40 million.
In a note today, Malacca Securities Sdn Bhd said following the Fed’s move to keep benchmark interest rates unchanged which was in line with market expectations while signalling for a gloomy economic outlook, the equities markets are seen to take a step backward.
“On the local front, sentiment will continue to be boosted by the re-opening of economic activities that could re-ignite the economic growth in the second half this year.
“However, we do note that gains will be measured as trading activities start to taper in recent days,” it said.
Meanwhile, Rakuten Trade Sdn Bhd said profit-taking activities took centre stage on Wall Street despite the Fed’s reassurance that interest rates will remain low indefinitely.
“We reckoned regional markets to continue with their intermittent correction today amid the abundance of liquidity.
“As for the local bourse, we see the FBM KLCI remain stubborn with the support from both the local institutions and retailers alike thus expect the index to hover within the 1,570 to 1,580 range today,” Rakuten added.
Among the heavyweights, Maybank and Public Bank shed four sen each to RM8.16 and RM17.30 respectively, and Petronas Chemicals eased one sen at RM6.89
Tenaga added two sen to RM11.98 and IHH Healthcare gained eight sen to RM5.65.
Of the most actives, Pegasus edged up half-a-sen to 1.5 sen, AT Systematization improved five sen to 17.5 sen, Luster Industries and AT Systematization warrant added three sen each to 13 sen and 9.5 sen respectively, while Pegasus warrant was flat at half a sen.
On the index board, the FBM Emas Index was 35.36 points higher at 11,138.88 and the FBMT 100 Index advanced 34.32 points to 10,985.57 and the FBM 70 climbed 63.60 points to 13,766.33.
The FBM Emas Shariah Index up 61.08 points to 12,573.64 and the FBM ACE rose 32.59 points to 6,028.14.
Sector-wise, the Industrial Products and Services Index improved 0.40 of a point to 142.29, the Plantation Index increased 29.67 points to 6,866.33 while the Financial Services Index slipped 10.66 points to 13,836.70.
— Bernama
