Bursa rebounds to open higher

Bursa rebounds to open higher

KUALA LUMPUR,. Bursa Malaysia rebounded to open higher today lifted by buying interest in most heavyweights, while tracking the higher Wall Street and regional performances, dealers said.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) strengthened 9.14 points at 1,693.25 from Wednesday’s close of 1,684.11.

The index opened 10.75 points firmer at 1,694.86.

Market breadth was positive with gainers outpacing losers 203 to 66, while 159 counters were unchanged, 1,486 untraded and 84 others suspended.

Turnover was at 149.82 million shares worth RM80.13 million.

The Wall Street closed higher following decision by the US Federal Reserve to leave interest rates unchanged, maintaining the target range for the federal funds rate at 2.25 per cent to 2.50 per cent.

Meanwhile, a dealer said the country’s exports data which showed a rebound in December despite uncertainties caused by the ongoing US-China trade dispute, also provided support to the equity market today.

Growth re-accelerated to 4.8 per cent year-on-year to RM83.27 billion in December against 1.6 per cent in November, pushing full year growth to 6.9 per cent (2017: 19.3 per cent).

The higher export was spurred by demand for electrical and electric products, chemicals and chemical products and machinery, equipment and parts.

Malaysia bucked the trend for the month as exports in most of its peers were hit hard by trade uncertainties with China.

He also said the higher oil prices could push oil and gas related stocks to move higher today. The benchmark Brent crude was 0.75 per cent higher at US$62 per barrel.

Petronas Chemicals recovered 14 sen to RM8.47, PetGas rose 10 sen to RM18.00 and PetDag was four sen higher at RM26.40.

Heavyweights, Maybank and Public Bank added two sen each to RM9.62 and RM24.84, respectively, Tenaga rose four sen to RM13.18 and CIMB increased one sen to RM5.67.

Of the most actives, Sapura Energy fell half-a-sen to 26.5 sen, Bumi Armada added half-a-sen to 21 sen and Hubline was flat at 6.5 sen.

The FBM Emas Index was 64.99 points firmer at 11,722.11, the FBMT 100 Index gained 64.87 points to 11,608.18 and the FBM Emas Shariah Index jumped 90.11 points to 11,626.11.

The FBM Ace Index added 28.73 points to 4,404.83 and the FBM 70 bagged 86.59 points to 13,877.40.

Sector-wise, the Financial Services Index improved 51.29 points to 17,615.48, the Plantation Index increased 54.49 points to 7,307.97 but the Industrial Products and Services Index was 1.25 points firmer at 161.21. — Bernama