Bursa rise at open, tracks Wall Street rally
KUALA LUMPUR: Bursa Malaysia rebounded to open higher on Wednesday, tracking Wall Street's overnight rally as sentiment improved amid easing Middle East tensions, an analyst said.
At 9.08 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.58 per cent, or 8.84 points, to 1,523.13 from Tuesday's close of 1,514.29.
The benchmark index opened 4.38 points firmer at 1,518.67.
The broader market was positive, with 232 gainers outpacing 78 decliners. A total of 217 counters were unchanged, 1,916 untraded, and 25 suspended.
Turnover stood at 152.14 million shares worth RM102.19 million.
Malacca Securities Sdn Bhd stated in a note that Wall Street's rally was fueled by signs of easing geopolitical tensions and dovish signals from the US Federal Reserve, which lifted investor sentiment.
"US President Donald Trump's declaration that a ceasefire between Israel and Iran is 'in effect' lifted optimism, despite accusations of immediate violations by both sides.
"In view of the ceasefire and Wall Street's relief rally, we believe local market conditions may turn positive," the firm said.
Among heavyweights, Maybank gained five sen to RM9.85, Public Bank added two sen to RM4.33, Tenaga Nasional rose four sen to RM14.30, CIMB climbed three sen to RM6.80, and IHH Healthcare was up five sen to RM6.64.
Among the most active stocks, NexG rose one sen to 36.5 sen, Magma added half a sen to 48 sen, Green Ocean remained flat at 26 sen, Cuckoo dropped two sen to RM1.06, and Dataprep slipped half-a-sen to 9.5 sen.
On the index board, the FBM Emas Index climbed 64.86 points to 11,352.89, the FBMT 100 Index added 66.25 points to 11,138.57, and the FBM Emas Shariah Index advanced 63.89 points to 11,288.04.
The FBM 70 Index surged 103.19 points to 16,435.52, while the FBM ACE Index gained 20.48 points to 4,438.19.
By sector, the Financial Services Index rose 97.54 points to 17,776.01, the Industrial Products and Services Index edged up 1.05 points to 150.02, and the Plantation Index added 20.10 points to 7,249.13. The Energy Index, however, slipped 0.81 of a point to 727.08.
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