Bursa rides Wall Street’s Friday rally to open higher
Published on: Monday, June 27, 2022
By: FMT
The rally on Wall Street on Friday has given the local market a boost and analysts expect the positive sentiment to last throughout the day. (AP pic)
PETALING JAYA: Bursa Malaysia opened higher this morning, bolstered by a Wall Street rally on Friday that saw all three major US indices closing broadly higher.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was at 1,439.69 points, up 2.99 points from Friday’s close of 1,436.70.
ADVERTISEMENT
The benchmark index opened 2.12 points higher at 1,438.82.
Overall gainers surpassed decliners 198 to 99, while 189 counters were unchanged, 1,822 not traded and 55 others suspended.
Turnover stood at 169.15 million units worth RM58.65 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said that despite numerous headwinds, the Dow Jones Industrial Average jumped 823 points and the Nasdaq Composite rose 375 points. The S&P 500 added 116.01 points to finish at 3,911.74.
ADVERTISEMENT
He expects markets in this region, including Bursa Malaysia, to ride the wave today.
“Hence, expect to see the local bourse improve today. We expect the benchmark index to trend in the 1,430-1,445 range today,” Thong told Bernama.
ADVERTISEMENT
On commodities, he noted that crude palm oil prices have rebounded to almost the RM4,900-per-tonne level with Brent crude also ending higher at US$113 per barrel.
Malacca Securities said the technology sector may bounce up in response the Friday rally on Nasdaq.
It is also positive on sectors like real estate investment trust and consumer, seeing them as “safer bets”.
“On the other hand, we foresee that the government’s decision to retain the ceiling price for chicken will hamper the poultry sector once again,” the brokerage firm said.
Among the heavyweights, Maybank rose four sen to RM8.64 and Public Bank added a sen to RM4.44.
Petronas Chemicals was down seven sen to RM9.18, CIMB eased a sen to RM4.89, Tenaga fell five sen to RM8.14, while IHH was flat at RM6.42.
Of the active counters, Green Packet and Reach Energy improved a sen each to 7.5 sen and 9.5 sen, respectively, while Cypark Resources and ATA IMS both increased 1.5 sen to 48 sen and 35.5 sen, respectively.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
