Wall Street gains push Bursa higher


Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 30 2019 : Bursa Malaysia opened higher today lifted by overnight gains on Wall Street.

At 9.20 am, the FTSE Bursa Malaysia KLCI rose 8.84 points to 1,604.02 after opening 7.06 points higher at 1,602.24 compared with yesterday’s close of 1,595.18.

A dealer said US stock markets extended their gains as the Dow, S&P 500 and Nasdaq rose 1.3 per cent, 1.3 per cent and 1.5 per cent respectively on trade optimism after Chinese authorities said they would not retaliate against the latest round of tariffs.

“Therefore, we see further upsides to be largely driven by how much sentiments would improve over the near term, particularly developments in the US-China trade dispute,” he said.

He said with the index breaking above 1,600 points, the resistance is set at the 1,610 level, while the supports are at the 1,580-1,590 levels.

Among heavyweights, Maybank perked 11 sen to RM8.68, Public Bank added eight sen to RM20.40, Petronas Chemicals gained five sen to RM6.82 and IHH earned four sen to RM5.81.

TNB was flat at RM13.80.

On the scoreboard, the FBM Emas Index increased 66.029 points to 11,289.18, the FBMT 100 Index was 66.89 points higher at 11,129.01 and the FBM Emas Shariah Index edged up 46.779 points to 11,825.31.

The FBM Ace went up 19.46 points to 4,529.85 and the FBM 70 jumped 106.25 points to 13,846.16.

Sector-wise, the Financial Services Index rose 124.16 points to 15,494.71 and the Plantation Index climbed 13.19 points to 6,830.98 while the Industrial Products and Services Index was flat at 146.86.

On the broader market, gainers edged losers 230 to 103, with 211 counters unchanged, 1,443 untraded and 71 others suspended.

Turnover stood at 272.56 million units worth RM134.05 million. – Bernama



About the author

Syndicated News

Syndicated News

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