KUALA LUMPUR: Bursa Malaysia opened higher today, backed by positive sentiments following the revival of the Bandar Malaysia project that was solidified yesterday, and tracking the uptrend in the United States (US) stock markets.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.47 points firmer at 1,578.42 from Tuesday’s close of 1,576.95.
The index opened 1.65 points better at 1,1578.60.
Market breadth was positive as gainers outpaced losers 147 to 82, while 180 counters remained unchanged, 1,596 untraded and 15 others suspended.
Turnover amounted to 92.56 million shares worth RM49.83 million.
“The Bandar Malaysia project, which has an estimated gross development value (GDV) of RM140 billion, signalled a good start for the infrastructure sector as spillovers will also be seen in other sectors, including financial services and construction,” said Rakuten Trade Sdn Bhd head of research Kenny Yee.
Meanwhile, three benchmark indices in the US posted gains for five consecutive days, supported by positive economic data and relief over the easing tension in the US-China trade war.
The Dow Jones Industrial Average inched up 0.1 per cent, the S&P 500 rose 0.6 per cent, anchored by gains in the consumer discretionary sector, while Nasdaq also climbed 0.1 per cent.
Meanwhile, Malacca Securities Sdn Bhd said bargain hunting activities is expected to continue on the FBM KLCI today as investors are feeling reassured by the “phase one” trade deal between the US-China that will be signed in January 2020.
“The extended trade relief, alongside positive sentiments across global equities, may provide some alleviation for the FBM KLCI to build on its gains.
“We think that the key index may continue to see some nibbling, but continue to consolidate, ranging between the 1,558 to 1,579 levels over the foreseeable future,” the stockbroking firm said in a research note today.
It said a breakout above the 1,579 level may push the key index higher towards the next resistance level, located at 1,590.
In the meantime, the 1,550 level will serve as the key support.
Among heavyweights, Top Glove rose 13 sen or 2.79 per cent to RM4.79, Hartalega improved six sen to RM5.28, Petronas Dagangan recovered 24 sen to RM23.24 and Sime Darby bagged five sen to RM5.40.
Of the actives, Ekovest and I-Stone each gained one sen to 87 sen and 25.5 sen respectively, GDB added three sen to 61 sen, Foundpac increased 2.5 sen to 81.5 sen and IWCity advanced three sen to RM1.01.
Ekovest and IWCity, which are associated with the Bandar Malaysia project, shares a common shareholder, Tan Sri Lim Kang Ho.
Top gainers were F&N which improved 66 sen to RM34.00 and Heineken, which increased 28 sen to RM26.78, followed by Petronas Dagangan.
The FBM Emas Index strengthened 7.47 points to 11,236.84, the FBM Emas Shariah Index appreciated 11.22 points to 11,893.94 while the FBMT 100 Index bagged 7.64 points to 11,034.80.
Meanwhile, the FBM Ace recovered 15.48 points to 5,069.55 but the FBM 70 declined 0.80 points to 14,074.50.
Sector-wise, the Financial Services Index eased 10.55 points to 15,266.73, the Plantation Index soared 40.32 points to 7,582.89 but the Industrial Products and Services Index fell 0.06 of-a-point to 152.41.
The physical price of gold as at 9.30am stood at RM190.05 per gramme, down 36 sen from RM190.41 at 5.00pm yesterday. — Bernama
