Bursa rebounds to open higher

KUALA LUMPUR: Share prices on Bursa Malaysia rebounded from yesterday’s losses to open higher today, inline with most regional bourses, on renewed buying demand as equities were attractive at current prices, dealers said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 9.12 points better at 1,802.06 from Monday’s close of 1,792.94. The index opened 1.78 points higher at 1,794.72.

On the broader market, gainers thumped losers 214 to 80, with 182 unchanged, 1,407 untraded and 25 others were suspended.

Volume stood at 159.97 million units valued at RM114.55 million.

Public Investment Bank Bhd said the FBM KLCI expected the local bourse to open with a positive bias after rallying technology and energy stocks helped the S&P 500 recover from its worst day in a month and head back towards record levels as global markets largely shrugged off the escalating trade war between the US and China.

“The more confident mood was also reflected in a sell-off for government bonds on both sides of the Atlantic, which pushed the yield on the 10-year US Treasury further above the 3.0% level,” it said in a research note today.

Among heavyweights, Maybank advanced six sen to RM9.80, Public Bank added 14 sen to RM25.04, TNB went up two sen to RM15.84, CIMB rose seven sen to RM6.11 but Petronas Chemicals slipped two sen to RM9.39.

For actives, Sapura Energy improved one sen to 45.5 sen, Vizione earned half-a-sen to 14.5 sen, MyEG gained three sen to RM1.73 while AirAsia X and Borneo Oil eased half-a-sen each to 28.5 sen and five sen, respectively.

The FBM Emas Index went up 59.96 points to 12,547.12, the FBMT 100 Index was 56.51 points higher at 12,367.08 and the FBM Emas Shariah Index increased 48.86 points to 12,675.42.

The FBM Ace Index added 6.42 points to 5,160.05 and the FBM 70 garnered 44.49 points to 14,789.57.

Sector-wise, the Finance Index jumped 104.47 points to 17,801.04, the Industrial Index was 18.03 points better at 3,234.16 and the Plantation Index climbed 46.41 points to 7,560.22.