Bursa Malaysia opens higher

KUALA LUMPUR: Bursa Malaysia opened higher today in taking cue from the rise in stocks on Wall Street last Friday and optimism towards the possibility of positive US-China trade talks.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.51-of-a- point better at 1,783.98 from last Friday’s close of 1,783.47.

The index opened 0.96 of-a-point firmer at 1,784.43.

Kenanga Research in a note today said it was optimistic of a possible change in market sentiment related to the trade talks.

It said should a recovery play-out, resistance levels can be found between 1,800 and 1,830.

A dealer said the FBM KLCI index is anticipated to trend higher today on bargain hunting, mainly in lower-liner stocks, with investors looking for attractive and cheap stocks to nibble.

“Investors will be taking advantage of stocks that they sold last week, particularly in the second and third-liners,” he said.

On the broader market, gainers led losers 157 to 76 with 193 counters unchanged, 1,459 untraded and 27 others suspended.

Volume stood at 118.42 million units valued at RM42.60 million.

Among heavyweights, Maybank gained four sen to RM9.82, Public Bank and TNB each rose two sen to RM24.52 and RM15.72 respectively, while Petronas Chemicals was flat at RM9.14 and CIMB slipped one sen to RM5.88.

Of actives, PriceWorth International was down one sen to 6.5 sen, while Talam Transform and Borneo Oil were flat at four sen and six sen respectively and QES was up one sen to 27.5 sen.

Petronas Dagangan was the biggest gainer in early trading, bagging 18 sen to RM27.08, while Far East topped the decliners list in losing 14 sen to RM3.06.

The FBM Emas Index was 8.06 points higher at 12,627.63, the FBMT 100 Index increased 6.94 points to 12,396.35 and the FBM 70 bagged 21.31 points to 15,404.77.

The FBM Emas Shariah Index advanced 6.72 points to 12,787.76 and the FBM Ace Index gained 7.04 points to 5,559.44.

Sector-wise, the Finance Index rose 23.24 points to 17,412.03 and the Industrial Index increased 5.55 points to 3,238.45, but the Plantation Index slid 26.18 points to 7,601.01.