Bursa Malaysia opens higher

Bursa Malaysia. (Reuters pic)

KUALA LUMPUR: Bursa Malaysia opened higher today in taking the lead from the overnight gains in global stocks as participants focused on hopes of a positive outcome to trade talks between the US and China this week, dealers said.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.79 points better at 1,790.37 from yesterday’s close of 1,787.58.

The index opened 2.67 points firmer at 1,790.25.

A dealer said the better Bursa Malaysia performance today was also in line with Asian peers as traders shrugged aside a fresh retreat for the Turkish lira and instead paid attention to ending a trade dispute that would result in meetings between President Donald Trump and Chinese leader Xi Jinping.

“Should a recovery play-out, resistance levels can be found at 1,800 and 1,830, while supports can be identified at 1,750 and 1,720,” the dealer said.

On the broader market, gainers led losers 126 to 83 with 185 counters unchanged, 1,504 untraded and 43 others suspended.

Volume stood at 104.86 million units valued at RM46.87 million.

Among heavyweights, Maybank gained one sen to RM9.80, TNB added two sen to RM15.70, Petronas Chemicals rose six sen to RM9.50 and CIMB improved three sen to RM5.91.

Public Bank fell two sen to RM54.48.

Of actives, Borneo Oil bagged half-a-sen to six sen, Perak Transit gained one sen to RM31 sen, while Nova MSC and Velesto each deducted one sen to 17 sen and 28 sen respectively.

Petronas Dagangan was the biggest gainer in early trading, bagging 50 sen to RM27.40, followed by MB World which bagged 36 sen to RM2.00 and Nestle increasing 30 sen to RM146.60.

The FBM Emas Index was 16.03 points higher at 12,661.30, the FBMT 100 Index increased 15.66 points to 12,432.01 and the FBM 70 bagged 5.46 points to 15,416.47.

The FBM Emas Shariah Index advanced 19.64 points to 12,837.54, but the FBM Ace Index fell 4.36 points to 5,568.96.

Sector-wise, the Finance Index rose 20.50 points to 17,420.43 and the Industrial Index increased 9.36 points to 3,235.17, and the Plantation Index perked 6.12 points to 7,570.29.