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Bursa extends gains as Wall Street rises

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 12 2019 : Bursa Malaysia extended yesterday’s steady momentum to opened higher today, amid a buoyant Wall Street.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.37 points to 1,604.67 compared to yesterday’s close of 1,602.30.

The market barometer opened 0.91 of-a-point better at 1,603.21.

Hope for stimulus to support growth in the world’s major economies boosted investors’ sentiment ahead of the European Central Bank (ECB) meeting today.

The ECB is expected to cut interest rates and detail plans for stimulus measures when it concludes its meeting today.
 
Investors also expect the Federal Reserve to deliver a 25 basis-point rate cut next week, Public Investment Bank Bhd said in a note today.

The FBM KLCI according to the investment bank will track the overnight Wall Street performance, after the S&P 500 ended above 3,000 for the first time since late July.

The S&P 500 was up 0.7 per cent, edging closer to a fresh record high, led by healthcare and tech, mainly Apple, as the tech company’s market capitalisation climbed back above the U$1 trillion marks as investors cheered its lower-priced iPhone 11 and Apple TV+ subscription.

Malacca Securities Sdn Bhd said the market is much calmer after incremental progress is made on the US-China trade dispute with the former delaying the implementation of higher tariffs on China made goods by two weeks in October.

“The above positives will help to provide the much-needed catalysts for Malaysian equities to maintain their upward trajectory which may now see the key index making a pass at the 1,610 level,” it added.

Of the heavyweights, Petronas Chemical added 12 sen to RM7.35, MISC was 13 sen higher at RM7.92 and Maybank rose five sen to RM8.94.

Hong Leong Bank was 16 sen better at RM16.56 and CIMB was higher by three sen at RM5.06.

Of the actives, Hubline inched up half-a-sen to 5.5 sen after announced proposal to acquire a 75 per cent stake in Absolute Privilege Sdn Bhd for RM16.36 million.

Tadmax went up one sen to 32 sen and Green Packet advanced half-a-sen to 25 sen.

The FBM Emas Index edged up 16.69 points to 11,308.55, the FBMT100 Index improved 16.43 points to 11,144.24 and the FBM Emas Shariah Index rose 6.21 points to 11,823.36.

The FBM Ace increased 19.18 points to 4,524.91 and the FBM 70 expanded 20.50 points to 13,909.76.

Sector-wise, the Financial Services Index gained 63.79 points to 15,624.89, the Plantation Index dropped 27.86 points to 6,817.88 and the Industrial Products and Services Index was 0.94 of-a-point up at 151.93.

Market breadth was positive as gainers led loses 153 to 73, with 149 counters unchanged, 1,594 untraded and 15 others suspended.

Turnover stood at 90.38 million units worth RM42.69 million. – Bernama

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Syndicated News

Syndicated News

News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.