KUALA LUMPUR: Bursa Malaysia opened sharply higher and continued its upward momentum this morning, supported by buying interest in most bluechip stocks led by Maybank, dealers said.
At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 11.54 points firmer at 1,698.09 versus Wednesday’s close of 1,686.55.
The index opened 8.30 points better at 1,694.85.
On the broader market, gainers led losers 185 to 73, with 122 unchanged, 1,541 counters untraded and 73 others were suspended.
Volume stood at 89.64 million units valued at RM55.90 million.
Public Investment Bank Bhd said the local stock market was tracking the positive overnight close on Wall Street which saw the S&P 500 stock index ending the day 2.3% higher while the Dow Jones Industrial Average rose 2.5% and the Nasdaq Composite gained almost three per cent.
This came after the US Federal Reserve indicated a neutral interest rate increase next year.
On Bursa Malaysia, the investment bank said while still taking on the shape of a descending triangle, tendency for the FBM KLCI to stage a bullish breakout of the pattern in the near-term had moderated and the index would struggle to remain above the 1,680 points level mark for the rest of the week.
“Nevertheless, should there be a re-emergence of buying interest to lift the index above the 1,720 points level in the near-term, a decisive bullish turnaround is still probable.
“Support levels for the index is at 1,622, 1,664 and 1,680, while the resistance levels is seen at 1,700, 1,720 and 1,735,” it said in a note today.
Among heavyweights, Maybank rose five sen to RM9.48, Public Bank fell two sen to RM24.86, Tenaga lost four sen to RM14.22, Petronas Chemicals increased four sen to RM9.30 and CIMB perked six sen to RM5.81.
IHH Healthcare, the top gainer