Mild buying lifts Bursa at opening

KUALA LUMPUR: Share prices on Bursa Malaysia were lifted at Thursday opening, supported by mild buying and tracking the overnight gains in the US stock market, dealers said.

At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.80 point to 1,797.10 from 1,796.30 recorded on Wednesday, after opening 0.49 point better at 1,796.79.

On the scoreboard, gainers led losers by 116 to 43, with 152 unchanged, 1,562 untraded and 17 suspended.

Volume stood at 42.66 million units valued at RM16.53 million.

A dealer said the US stock market was higher at yesterday’s close on signs of enduring strength in the economy at the end of the third quarter.

“This has made the US Federal Reserve on track to raise its interest rates again in December,” he said, adding that the Fed had just recently hiked its rate for the third time.

He noted that Fed chair Jerome Powell had said the economy’s outlook was “remarkably positive” and with the improved economy in the US, the local bourse would hopefully be supported by more foreign buyers of local stocks.

Of heavyweights, Maybank, Public Bank and Tenaga fell two sen each to RM9.69, RM24.98 and RM15.56 respectively, while Petronas Chemicals was up by two sen at RM9.52.

For actives, Borneo Oil and Orion IXL were flat at six sen and 10.5 sen respectively, Hibiscus gained two sen to RM1.30 and Perdana Petroleum added 1.5 sen to 34 sen.

The FBM Ace Index rose 30.92 points to 5,327.65, the FBM 70 fell 13.90 points to 14,826.08 and the FBM Emas Shariah Index slipped 1.41 points to 12,697.53.

The FBM Emas Index erased 10.55 points to 12,533.29 and the FBMT 100 Index was 8.91 points weaker at 12,338.03.

Sector-wise, the Financial Services Index lost 10.03 points to 17,754.28 and the Industrial Products and Services Index enlarged 0.35 point to 178.39, while the Plantation Index expanded 11.56 points to 7,521.94.