KUALA LUMPUR – Bursa Malaysia opened higher today, boosted by positive market sentiment as investors follow global equity markets.
At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) earned 8.38 points to 1,594.19 from 1,585.81 at yesterday’s close.
The barometer index opened 2.97 points better at 1,588.78.
On the broader market, gainers were ahead of losers at 279 to 103, while 213 counters were unchanged, 1,708 untraded and 13 others suspended.
Total turnover stood at 278.91 million worth RM141.4 million.
Public Investment Bank Bhd said the local bourse would take cues from Wall Street stocks, which increased yesterday, and US government bond prices, which fell, as investors anticipate tighter monetary policy from the US Federal Reserve.
Regionally, the equity markets were on a positive trajectory, with Japan’s Nikkei rising 1.90% to 27,741.98, Hong Kong’s Hang Seng advancing 3.15% to 21,889.28, Korea’s Kospi adding 0.9% to 2,734.35, while Singapore’s Straits Times Index bucking the trend, erasing 0.16% to 3,350.17.
Rakuten Trade Sdn Bhd Equity Research vice-president Thong Pak Leng said because of yesterday’s volatile trading, the main index was predicted to move around the 1,580-1,595 range today.
Among the heavyweights, Maybank and IHH rose five sen each to RM8.88 and RM6.56, and PBBank, PChem and CIMB added four sen to RM4.66, RM9.62 and RM5.34, respectively.
Of the actives, CSH added two sen at 18 sen, TWL gained half-a-sen at six sen, ATAIms perked up three sen to 43 sen and AT was flat at two sen.
On the index board, FBM 70 increased 85.65 points to 13,622.74 and FBM ACE gained 66.68 points to 5,502.09.
FBM Emas Index was 57.0 points higher at 11,359.28, FBM Emas Shariah Index ticked up 49.84 points to 11,964.0, and FBMT 100 Index rose 60.77 points to 11,059.1.
Sector-wise, the Industrial Products and Services Index accumulated 1.36 points to 203.17, the Plantation Index reduced 17.54 points to 8,035.79, and the Financial Services Index leaped 116.62 points to 16,702.60.
Meanwhile, the ringgit rebounded to open higher versus the US dollar today, as the greenback retreated amid improvement in the equity market, an analyst said.
At 9.00am, the local currency was trading at 4.2110/2155 against the greenback from 4.2160/2190 at yesterday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US equities closed higher last night despite more Fed officials being in favour of a tighter monetary policy this year.
“In a way, it was a risk-on mode with the US Dollar Index falling slightly yesterday,” he said.
According to reports, San Francisco Fed President Mary Daly and St. Louis Fed President James Bullard have suggested that monetary policy accommodation would need to be removed, and it has to be done at a faster pace.
Hence, Afzanizam said the ringgit should continue to linger around RM4.21 today.
At the opening, the ringgit was traded mostly mixed against a basket of major currencies.
It strengthened against the Japanese yen to 3.4764/4804 from 3.4880/4908 at yesterday’s close.
The local unit fell against the British pound to 5.5880/5940 from 5.5580/5619 and declined against the euro to 4.6426/6476 from 4.6346/6379 previously.
However, the ringgit was unchanged against the Singapore dollar at 3.1027/1063 today, compared to 3.1027/1052 at yesterday’s close. – Bernama, March 23, 2022
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