Bursa Malaysia stays positive ahead of OPR announcement

KUALA LUMPUR: Bursa Malaysia defied expectations in early trading by staying on a hot rally despite a stumble in US markets.

Overnight, the Dow Jones slipped on the back of a bag of mixed earnings although the S&P500 and Nasdaq were seen continuing their ascent.

Analysts said the pause in global stocks could pave the way for profit-taking in Malaysia's own stock market, which has risen for the three past sessions.

However, the benchmark FBM KLCI made a good start on Wednesday, rising 1.05 points to 1,497.16 on the back of a broad-based rally.

CIMB rose three sen to RM6.05, Public Bank gained one sen to RM4.36, and RHB was up one sen to RM5.61.

MISC climbed five sen to RM7.39, Sime Darby Plantation rose six sen to RM4.43 and YTL Power rose eight sen to RM3.83.

Apex Securities Research said in a note it believes there could be upside for lower liners given the improved sentiment over the certain stocks that were the target of huge selling but have recently halted their decline.

At the time of writing, the broader market was trading with 193 gainers to 132 decliners and 246 unchanged, suggesting a positive breadth over the coming day.

The top traded counters were Widad up 1.5 sen to 20 sen, Handal rising one sen to 12 sen and YNH Property gaining 4.5 sen to 65.5 sen.

Nevertheless, the investor attention will be on the Bank Negara monetary policy decision, scheduled for later this afternoon, as well as the release of the US gross domestic product data later this week.

"We expect BNM to stay pat onto OPR as economic fundamentals remain intact," said Apex as it reiterated its view that the central bank will hold the lending rate steady at 3%.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Business News

PETRONAS and partners reach 'final investment decision' for block 20/11 in Angola
Sunway Healthcare Group issues first rated Sustainable Sukuk
Advancecon wins RM25.4mil infrastructure works contract from Sime Darby Property
FBM KLCI falls from three-year high on profit-taking
TNB gears up for Regulatory Period 4 with significant capex
Oil prices fall on demand fears over Fed's rates path
Philippine central bank will intervene in forex market if volatile, governor says
IIB expands GBS medini partnership, aiming for net-zero CBD
Of politics, trade and friendshoring
Bank Islam's net profit rises to RM129.17mil in 1Q on higher net income

Others Also Read