KUALA LUMPUR, Dec 29 – Bursa Malaysia opened marginally higher on the last trading day of 2023, supported by the ongoing window dressing activities and the expectation of an early interest rate cut in the United States next year, a dealer said.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.47 of a point to 1,457.88 from Thursday’s close of 1,457.41. The FBM KLCI opened 0.16 of a point better at 1,457.57.
On the broader market, decliners surpassed gainers 122 to 105 while 238 counters were unchanged, 1,795 untraded and 45 suspended. Turnover amounted to 258.59 million units worth RM58.46 million.
Malacca Securities Sdn Bhd said the expectation of three US interest rate cuts next year, with one of them happening by March, would continue to support overall market conditions in the US, with the positive sentiment eventually spilling over to stocks on the local front.
“Given the overall positive market conditions in the US, we expect buying support within the technology sector. From the buying flows yesterday, several sectors were being traded higher, namely renewable energy, construction as well as selected consumer stocks,” it said.
Among the heavyweight counters, Maybank and Public Bank were unchanged at RM8.91 and RM4.28 respectively, while CIMB and Tenaga Nasional eased one sen each to RM5.83 and RM9.99, respectively, while Petronas Chemicals added one sen to RM7.22.
Of the actives, Pelikan slipped four sen to 29.5 sen, AT Systematization dropped half-a-sen to half-a-sen, Hong Seng was flat at 2.5 sen and Green Ocean gained five sen to 17.5 sen while Iris rose half-a-sen to 7.5 sen.
On the index board, the FBM Emas Index advanced 4.35 points to 10,847.97, the FBMT 100 Index inched up 4.80 pints to 10,507.87, the FBM Emas Shariah gained 6.81 points to 11,030.55 and the FBM 70 Index Index expanded 12.33 points at 14,639.47.
However, the FBM ACE Index dropped 19.48 points to 5,252.27
Sector-wise, the Industrial Products and Services Index was 0.18 of a point better at 173.05, the Energy Index perked up 1.15 points to 821.12a and the Property Index climbed 1.17 points to 865.33.
The Financial Services Index lost 10.17 points to 16,287.35 and the Plantation Index fell 1.25 points to 7,016.06. – BERNAMA
