Bursa Malaysia to trade higher, boost from Wall Street

Bank Islam Brunei Darussalam, aims to raise as much as US$500mil (RM2.13bil) in an IPO on Bursa Malaysia.

KUALA LUMPUR: BIMB Securities Research expects Bursa Malaysia to trade higher on Wednesday as it gets a boost from the overnight gains on Wall Street.

It expects the FBM KLCI to hover around 1,715 to 1,735.

US stocks closed higher on Tuesday, led by gains in tech stocks, after Fed said it is appropriate for policymakers to proceed cautiously to raise rates. 

The DJIA closed up 97.72 points or 0.56%, at 17,633.11, and the S&P 500 increased 17.93 points or 0.88% at 2,055.01, led by gains in tech stocks. 

European markets closed mostly higher on Tuesday as investors eyed the volatile trade in commodity markets, ahead of a speech from Fed and the employment report from the US due out this Friday. 

Asian markets closed on a mixed tone, with Shanghai composite being the top loser, down 1.28% to 2,919.83. 

At Bursa Malaysia, the KLCI closed up 12.63 points or 0.74% to 1,715.04. 

“Trading participation shows net selling by local institutions and local retail while foreign institutions were net buyers,” it said.

BIMB Research said foreign funds were net buyers at RM308.48mil while local institutions and retail investors were net sellers at -RM242.34mil and -RM66.14mil.