Bursa Malaysia Opens Higher, Tracking Gains from Wall Street

Bursa Malaysia started higher on January 6, influenced by Wall Street’s gains. The FTSE Bursa Malaysia KLCI rose 1.50 points. Market dynamics showed more gainers than losers, supported by notable trades in energy and Johor-related stocks, as traders await critical economic data.

Bursa Malaysia commenced on a positive note on January 6, following the upward trends in Wall Street, particularly driven by increased demand for technology shares. By 9:10 AM, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) recorded a value of 1,630.96, reflecting an increment of 1.50 points from the previous close. Initially, the index opened marginally higher at 1,629.74.

In the overall market sentiment, gainers surpassed losers at a ratio of 278 to 159; meanwhile, 361 counters remained unchanged, with 1,555 untraded and 10 temporarily suspended. The total turnover reached 318.51 million units, valued at RM181.36 million. Malacca Securities Sdn Bhd highlighted the visit of Singapore’s Prime Minister to Malaysia to finalize the Johor-Singapore Special Economic Zone (JS-SEZ), which has directed trader focus towards Johor-related stocks.

Furthermore, the recent increase in crude oil prices suggests ongoing trading prospects in the Energy sector. Anticipated investments in data centers are expected to enhance earnings within the construction, building materials, and utilities sectors, as noted by the brokerage.

Investors will be closely watching key economic indicators this week, particularly the Eurozone Consumer Price Index (CPI), China’s CPI, and the Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI). Among notable equities, Maybank and Tenaga Nasional each recorded gains of two sen, reaching RM10.16 and RM14.62, respectively. Public Bank increased by three sen to RM4.53, while CIMB remained stable at RM8.11, and IHH Healthcare saw a decline of seven sen to RM7.21.

In terms of active stocks, Velocity Capital and Careplus each surged by one sen to 8.0 sen and 27 sen, respectively. Harvest Miracle rose by 1.5 sen to 20.5 sen, and MYEG gained half-a-sen to 99 sen, while Aimflex decreased by half-a-sen to 15 sen. In broader indices, the FBM Emas Index rose by 28.73 points to 12,562.37, with other indices also showing positive trends, such as the FBM Emas Shariah Index and the FBMT 100 Index.

Sector-specific movements revealed that the Energy Index advanced by 5.56 points to 856.86, while the Financial Services Index climbed significantly by 32.80 points to 19,055.87. Other indices also reported slight increases, indicating a robust trading atmosphere across sectors.

In summary, Bursa Malaysia opened positively, reflecting Wall Street’s gains driven by technology stock demand. The increased activity in various sectors, particularly energy and Johor-related stocks, alongside anticipated economic data releases, underscored a promising trading outlook. The market exhibited resilience with positive performances from major indices and notable heavyweights, indicating a favorable environment for investors moving forward.

Original Source: www.bernama.com