KUALA LUMPUR: Shares on Bursa Malaysia trend higher at opening today, as the overnight rally on Wall Street lifted buying sentiment for the local equities market.
The FBM KLCI added 7.43 points to 1,538.76 at 9.10am. It opened 4.44 points higher at 1,532.33.
On the broader market, gainers outpaced losers 293 to 195, while 311 counters were unchanged. Turnover amounted to 194 million shares worth RM198mil.
Overnight, the S&P500 and Nasdaq gained 0.42% and 0.81% to end at 4,680.06 and 15,940.31 respectively. Meanwhile, the DJIA lost 0.09% at 36,124.23.
The Federal Reserve announced that it has decided to begin scaling back its asset purchases later this month, citing the substantial further progress the economy has made toward its goals of maximum employment and price stability.
Malacca Securities said the Fed’s move to begin tapering this month is within consensus expectations and overall market conditions in the US are still positive, especially on Nasdaq.
“Hence, we expect the positive sentiment to spillover to tech stocks on the local front.
“However, broader market sentiment could have limited upside potential as investors are still digesting the impact from ‘Cukai Makmur’ and stamp duty changes moving into 2022,” it said.
On Bursa Malaysia, MPI jumped 50 sen to RM48.50, NPC Resources rose 50 sen to RM2.39, Nestle added 30 sen to RM134.30 and PMB Technology gained 30 sen to RM12.60.
Carlsberg and F&N declined 20 sen each to RM21.76 and RM26.80 respectively. Kuala Lumpur Kepong fell 12 sen to RM21.12 and Shangri-La Hotels lost eight sen to RM3.41.