KUALA LUMPUR: Bursa Malaysia closed higher at midday, tracking global optimism, after US stocks ended firmer yesterday.
The Dow Jones Industrial Average notched its second straight record high close overnight with the expectations that US borrowing rates will fall next year following the Federal Reserve's (Fed) dovish pivot.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) improved 4.76 points to 1,461.02 compared with 1,456.26 chalked up at yesterday’s close.
The FBM KLCI opened 0.31 of a point weaker at 1,455.95. and moved between 1,455.69 and 1,461.54 throughout the session.
On the broader market, gainers thumped losers 432 to 368, while 425 counters were unchanged, 1,113 untraded and 45 others suspended.
Turnover stood at 2.20 billion units valued at RM1.33 billion.
Hong Leong Invetment Bank said in a note that Asian markets rallied amid a dovish Fed and sinking yields, overshadowing lingering concerns over China’s economic health as investors await China’s industrial production, retail sales and unemployment figures today.
"The Dow soared 158 points to close at an all-time high of 37,248 while the US 10-year bond yield slid 10 basis poins to 3.92 per cent, taking the cues from the Fed’s dovish tilt and optimism on a soft economic landing, as the stronger-than-expected US retail sales and a decline in weekly jobless claims failed to shift investors' expectations significantly,” it said.
Among the heavyweights, Maybank was flat at RM9.05, Public Bank added one sen to RM4.31, CIMB was four sen better at RM5.85, Tenaga Nasional lost two sen to RM9.95 and Petronas Chemicals was eight sen better at RM7.23.
Of the actives, Minetech improved 1.5 sen at 11 sen, Top Glove was half-a-sen lower at 90.5 sen, Sarawak Consolidated accumulated two sen at 85 sen and Widad Group was one sen better at 47 sen.
On the index board, the FBM Emas Index increased 34.15 points to 10,821.82, the FBMT 100 Index added 34.03 points to 10,489.0, the FBM 70 Index jumped 46.32 points to 14,442.95, the FBM ACE Index went up 14.47 points to 5,153.79, and the FBM Emas Shariah Index climbed 37.68 points to 10,942.52.
Sector-wise, the Industrial Products and Services Index edged up 0.93 of-a-point to 172.66, the Financial Services Index jumped 43.45 points to 16,473.50 and the Energy Index increased by 12.62 points to 816.85, while the Plantation Index was 19.03 points weaker at 7,019.85. - Bernama
