KUALA LUMPUR: At the opening bell on Friday, Malaysia's benchmark FBM KLCI was up 2.29 points to 1,457.78, staying firmly below the 100-day simple moving average, which indicated the index remained in a consolidation phase of trading.
Overnight, US Federal Reserve officials' moderating comments on interest rates helped to soothe nerves on Wall Street overnight, leading to a relief rally that is expected to spill over to global markets, including Bursa Malaysia.
Investors hungry for buying opportunities sent the Dow Jones up 1.1%, the S&P 500 0.8% and the Nasdaq 0.7% higher.
Back home, Bursa Malaysia is expected to stay in a sideways movement pending more certainty and catalysts to direct trading direction.
According to TA Securities Research, the local market is expected to stay range-bound ahead of China's annual meeting of the National Party Congress over the weekend, which would see the announcement of potential new economic targets and stimuus measures.
"Immediate index support stays at 1,440, with stronger supports at 1,420 and 1,400.
"Significant overhead resistance is at 1,500, then 1,512, with the last August high near 1,528 as stronger resistance, followed by 1,550 and 1,570 as tougher upside hurdles," said the research firm in its market commentary.
In sharp focus today is Boustead, which yesterday received a takeover offer from majority shareholder Lembaga Tabung Angkatan Tentera (LTAT) at 85.5 sen per share.
Boustead, which was suspended from afternoon trading yesterday, opened at 84 sen a share, but was soon bought up to to the takeover price of 85.5 sen a share, representing a 30.53% increase over the last traded price.
The counter was the most active on Bursa Malaysia with 44.42 million shares exchanging hands at at 9.24am.
Meanwhile, Boustead warrants BSTEAD-CR was up three sen to eight sen a unit.
Other stocks seeing heavy trading interest included Velesto
up 0.5 sen ot 20.5 sen, Cypark rising 3.5 sen to 87.5 sen and Perdana gaining one sen to 20.5 sen.
On the FBM KLCI, PETRONAS Chemicals fell five sen to RM7.22, Tenaga Nasional dropped seven sen to RM9.33 and IHH slipped four sen to RM5.85.
Axiata was down seven sen to RM3.14 and Maxis shaved four sen to RM3.94.
