Malaysian Stock Market Opens Higher

KUALA LUMPUR, May 11 (Bernama) – The Malaysian stock market (Bursa Malaysia) opened higher Thursday morning, after the Wesak Day public holiday on Wednesday, with a positive bias after global equity markets ended mostly higher overnight. At 9.08 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 12.38 points firmer at 1,778.94 from Tuesday's close of 1,766.56. The index opened 9.73 points higher at 1,776.29 at 9 am. On the broader market, gainers led losers 291 to 66, while 256 counters remained unchanged with 1,137 untraded and 19 others were suspended. Turnover stood at 249.20 million shares worth RM123.59 million. In a note, Public Investment Bank Bhd said the US dollar’s robust start to the week stalled after President Donald Trump removed Federal Bureau of Investigation Chief James Comey. Meanwhile, it said global oil prices reclaimed the US$50-a-barrel level as US crude stockpiles fell for a fifth straight week. Maybank Investment Bank Bhd, in a note, said the lower close on Tuesday was viewed as healthy as the index remained above the recent low of 1,754. “Expect bargain hunting for today in light of strong recovery in oil price. “We expect the benchmark index to trade between 1,760 and 1,775 in the near-term and downside supports are between 1,754 and 1,744,” it said. Among heavyweights, Maybank rose three sen to RM9.39, TNB improved six sen to RM13.96, Public Bank increased 18 sen to RM20.16 and Sime Darby gained one sen to RM9.32. Of actives, PWorth added 1.5 sen to 26 sen, Glotec and Netx were flat each at seven sen and 9.5 sen, respectively while AirAsia X was one sen higher at 51 sen. The FBM Emas Index perked 87.93 points to 12,733.29, the FBMT100 Index was 87.38 points better at 12,365.17 and the FBM Emas Shariah Index inched up 84.19 points to 13,079.69. The FBM 70 jumped 113.34 points to 15,325.58 and the FBM Ace added 2.85 points to 6,326.33. Sector-wise, the Plantation Index was 29.17 points firmer at 8,099.09, the Industrial Index rose 33.96 points to 3,267.47 and the Finance Index leaped 128.10 points to 16,444.84. -- BERNAMA