Malaysia Stock Market Rebounds On Improved Sentiment

KUALA LUMPUR, June 29 (Bernama) -- Share prices on the Malaysia stock market (Bursa Malaysia) rebounded from Wednesday to open marginally higher this morning prompted by the recovery on Wall Street as well as improving oil prices. At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,772.93, up 1.7 points, from yesterday's close of 1,771.23. The key index opened 0.95 of-a-point better at 1,772.18. The below-than-expected inventory growth in US crude storage sparked positive vibes into the market, pushing Brent crude price by almost two per cent. “This development is positive as it could ease pressure on the OPEC- led efforts to drain a global glut,” a dealer said. Back home, market breadth was positive as gainers outnumbered decliners 181 to 68 with 162 counters unchanged, 1,401 untraded while 59 others were suspended. Turnover stood at 89.86 million shares worth RM49.73 million. On the scoreboard, the FBM Emas Index rose 13.92 points to 12,632.2, FBM 70 increased 17.52 points to 15,013.22, FBMT100 Index gained 12.37 points to 12,271.08 and the FBM Emas Shariah Index added 5.39 points to 12,826.27. However, FBM Ace erased 29.37 points to 6,391.92 Sector-wise, the Plantation Index was 0.85 of-a-point higher at 7,900.75, the Finance Index rose 17.93 points to 16,845.52 but the Industrial Index slipped 1.26 points to 3,263.65. Among heavyweights, Public Bank rose two sen to RM20.28, CIMB added one sen to RM6.69 while both Maybank and Sime Darby were flat at RM9.63 and RM9.61 respectively. Tenaga, however, trimmed four sen to RM14.10. Of actives, MMAG inched up half-a-sen to 5.5 sen, Kumpulan Jetson improved 4.5 sen to 49 sen while SC Estate and Sapura Energy were flat at 3.5 sen and RM1.57, respectively. Magni-tech topped the gainers list after rising 50 sen to RM7.35, while Genting Plantation led the losers chart, giving up 12 sen to RM10.84. -- BERNAMA