Bursa eyes rebound with strong ringgit, buying interest
Published on: Thursday, December 28, 2023
By: Bernama
Kuala Lumpur: Bursa Malaysia opened lower but rebounded thereafter on renewed buying interest, tracking the stronger overnight performance on Wall Street, said a dealer.
Rakuten Trade equity research vice-president Thong Pak Leng said all three major indices on Wall Street have reached or are approaching their respective all-time highs, with the Dow Jones Industrial Average closing at a record high of 37,656.52, up 111.19 points, while the Nasdaq Composite gained 24.60 points to 15,099.18, its 52-week high.
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Meanwhile, the US 10-year yield declined to 3.79%.
“Spurred by the strengthening ringgit, interest on local equities seems decent from foreign funds but the upside has been capped by selling from local institutions,” he noted.
Notwithstanding this, he reckoned the index may still have legs to test the 1,500 level, thus expect the FBM KLCI to hover within the 1,455-1,470 range today as the domestic stocks are ripe for the picking especially banking stocks.
At 9.08am, the FTSE Bursa Malaysia KLCI (FBM KLCI) improved 0.89 of-a-point to 1,455.11 from Wednesday’s close of 1,454.22.
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The FBM KLCI opened 0.36 of-a-point easier at 1,453.86.
On the broader market, gainers surpassed losers 161 to 125, while 264 counters were unchanged, 1,751 untraded and 86 suspended.
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Turnover amounted to 278.08 million units worth RM83.64 million.
Among the heavyweights, Maybank and Tenaga Nasional shed one sen each to RM8.89 and RM9.99 respectively, Petronas Chemicals slid three sen to RM7.17, Public Bank added one sen to RM4.26 and CIMB rose six sen to RM5.86 sen.
Of the actives, Sarawak Cable and VSolar rose four sen to 43 sen and 21.5 sen respectively, Minetech perked up 1.5 sen to 17 sen, Pelikan gained 3.5 sen to 20.5 sen, and Ekovest was two sen better at 51 sen.
On the index board, the FBM ACE Index increased by 21.01 points to 5,230.39, the FBM Emas Index put on 6.10 points to 10,831.70, and the FBMT 100 Index inched up 4.60 to 10,491.0.
However, the FBM Emas Shariah lost 4.57 points to 11,023.93 and the FBM 70 Index Index eased 0.97 of-a-point at 14,628.74.
Sector-wise, the Industrial Products and Services Index eased 0.32 of-a-point to 172.30, the Plantation Index dipped 11.50 points to 7,006.83, the Property Index shed 0.35 of-a-point to 864.17, while the Financial Services Index climbed 37.12 points to 16,252.20, and the Energy Index rose 0.11 of-a-point to 822.29.
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