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BURSA MALAYSIA MARGINALLY LOWER IN EARLY TRADE

08/11/2024 09:56 AM

By Abdul Hamid A Rahman

KUALA LUMPUR, Nov 8 (Bernama) -- Bursa Malaysia's key index opened marginally lower in early trade, despite the mostly positive Wall Street performance overnight following the United States (US) Federal Reserve's (Fed) interest rate cut.

The US Federal Open Market Committee decided to cut its interest rates by 25 basis points at its meeting last night.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.46 of-a-point to 1,622.82 from Thursday’s close of 1,623.28. 

The benchmark index opened 4.34 points higher at 1,627.62.

Across the broader market, decliners led gainers 159 to 114 while 253 counters were unchanged, 1,880  untraded and 17 suspended.

Turnover stood at 129.39 million shares valued at RM61.75 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that the Wall Street ended mostly higher after the rate cut announcement, continuing a rally sparked by Donald Trump's return as US President.

“The S&P 500 and Nasdaq rose by 0.74 per cent and 1.51 per cent, respectively. Meanwhile, the Dow Jones Industrial Average closed almost flat.

“At the same time, Fed chairman Jerome Powell expressed confidence in a soft landing for the economy,” he told Bernama.

On the domestic front, Thong said the recent rally in the FBM KLCI indicates strong buying interest, signalling a promising short-term rebound opportunity.

“As such, we anticipate the key index to move within the 1,620-1,640  range today,” he added.

Among the heavyweights, Tenaga Nasional advanced 8.0 sen to RM14.44, CIMB Group improved 2.0 sen to RM8.20, while Maybank slipped 2.0 sen to RM10.56, Public Bank fell 3.0 sen to RM4.47, and IHH Healthcare was unchanged at RM7.25.

Among the actives, 3Ren climbed 1.5 sen to 47.5 sen, Microlink Solutions gained 2.0 sen to 16 sen, and Steel Hawk added half-a-sen to 37.5 sen. Meanwhile, DXN Holdings fell 2.5 sen to 49 sen and AHB Holdings was flat at 4.0 sen.

On the index board, the FBM Emas Shariah Index increased 11.76 points to 12,266.06, the FBM Emas Index decreased 0.52 of-a-point to 12,299.01, the FBMT 100 Index dropped 10.26 points to 11,988.70, the FBM 70 Index declined 40.76 points to 17,937.54, and the FBM ACE Index fell 18.41 points to 5,146.44.

Sector-wise, the Industrial Products and Services Index edged up 0.61 of-a-point to 173.90, the Energy Index rose 3.01 points to 830.99, the Plantation Index gained 11.30 points to 7,591.23, while the Financial Services Index dipped 30.75 points to 19,276.24.

-- BERNAMA


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