Bursa opens higher in line with Wall Street gains

Bursa opens higher in line with Wall Street gains

On the broader market, gainers surpassed decliners 284 to 71, while 187 counters were unchanged, 1,804 untraded and 19 others suspended. — Picture by Razak Ghazali

Friday, 14 Oct 2022 9:50 AM MYT

KUALA LUMPUR, Oct 14 — Bursa Malaysia opened on a positive note on Friday, tracking the Wall Street’s rally overnight after investors shook off a higher-than-expected United States (US) inflation report, a dealer said.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped by 11.01 points to 1,384.37 from Thursday’s close of 1,373.36.

The benchmark index opened 8.27 points higher at 1,381.63.

On the broader market, gainers surpassed decliners 284 to 71, while 187 counters were unchanged, 1,804 untraded and 19 others suspended.

Turnover stood at 190.59 million units worth RM79.92 million.

Rakuten Trade Sdn Bhd vice-president of Equity Research, Thong Pak Leng said Wall Street staged a dramatic rebound overnight as traders perceive that US inflation may have peaked at 8.2 per cent in September 2022.

“In view of this, we believe regional markets would strengthen today, however, whether this uptrend is sustainable remains to be seen.

“Therefore, we expect the FBM KLCI to reverse from its losses over the last few days and trade within the 1,375-1,400 range today,” he told Bernama.

Among the heavyweights, Maybank, Public Bank and IHH Healthcare all gained three sen to RM8.50, RM4.20, and RM5.63, respectively, Petronas Chemicals edged up seven sen to RM8.52, and CIMB grew eight sen to RM5.38.

Of the actives, Velesto energy eased half-a-sen to 11 sen and Artroniq lost 1.5 sen to 68.5 sen, while Top Glove rose two sen to 71 sen, Hiap Huat added one sen to 16 sen and Vinvest gained half-a-sen to 20.5 sen.

On the index board, the FBM Emas Index perked 66.20 points to 9,864.72, the FBM 70 inched up 65.11 points to 11,906.25, the FBMT 100 Index improved 70.85 points to 9,617.83, the FBM Emas Shariah Index strengthened 73.70 points to 9,841.24, and the FBM ACE earned 14.88 points to 4,632.53.

Sector-wise, the Financial Services Index was 69.57 points higher at 15,932.89, the Industrial Products and Services Index ticked up 1.41 points to 169.92, the Plantation Index gained 33.84 points to 6,381.86, and the Energy Index improved by 4.56 points to 672.51. — Bernama

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