Bursa Malaysia Opens Higher Amid Slower US Rate Cut Concerns
By Siti Noor Afera Abu
KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index opened higher on Tuesday, buoyed by mixed performances on Wall Street and regional markets.
Sentiment was tempered by concerns that US interest rate cuts could be more gradual than anticipated.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,628.54, up 3.07 points from Monday’s close of 1,625.47.
The index had initially opened 0.97 of-a-point lower at 1,624.50.
Across the broader market, gainers led losers 253 to 130, with 323 counters unchanged, 1,647 untraded, and 10 suspended.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that Wall Street ended the session mixed, with profit-taking weighing on the Dow Jones Index.
Meanwhile, the S&P 500 and Nasdaq extended their rallies, driven by strong demand for technology stocks.
Domestically, he observed that the FBM KLCI fell below the 1,630 support level, and consolidation is expected to continue until a new catalyst emerges.
A decisive break above the 1,645 resistance level is vital for the index to regain its bullish trajectory.
“For today, the FBM KLCI is expected to trade within the 1,620 to 1,630 range, reflecting cautious market sentiment,” he told Bernama.
Among heavyweights, Maybank added two sen to RM10.12, Public Bank gained one sen to RM4.52, and IHH Healthcare rose three sen to RM7.30, while both CIMB and Tenaga Nasional remained flat at RM8.08 and RM14.58, respectively.
In active stocks, Key Asic rose half-a-sen to 4.5 sen, Nationgate increased 13 sen to RM2.89, but Zelan fell half-a-sen to 6.0 sen, and Velocity remained flat at 8.0 sen.
On the broader index, the FBM Emas Index gained 38.72 points to 12,559.87, the FBM Emas Shariah Index rose 45.82 points to 12,583.21, and the FBMT 100 Index climbed 38.36 points to 12,227.07.
The FBM 70 Index added 116.25 points to 19,019.87, while the FBM ACE Index decreased 3.02 points to 5,492.12.
By sector, the Energy Index rose 4.60 points to 859.87, the Financial Services Index climbed 17.41 points to 18,991.75, the Industrial Products and Services Index edged up 0.28 of-a-point to 174.79, and the Plantation Index gained 0.97 of-a-point to 7,564.19.
-- BERNAMA