KUALA LUMPUR, March 20 (Bernama) -- Bursa Malaysia opened higher, tracking Wall Street’s overnight gains after the US Federal Reserve (Fed) kept interest rates unchanged and reaffirmed its forecast for two rate cuts this year.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.44 points to 1,523.10 from Wednesday’s close of 1,517.66. The benchmark index had opened 4.74 points higher at 1,522.40.
On the broader market, gainers outpaced decliners 255 to 87, with 222 counters unchanged, 1,873 untraded, and 17 suspended. Turnover stood at 167.35 million shares worth RM91.13 million.
Malacca Securities Sdn Bhd said the Fed’s decision to hold rates came despite an expected rise in inflation this year, as weaker economic growth is likely to offset inflationary pressures.
“Meanwhile, investors will closely watch the People’s Bank of China’s loan prime rate announcement,” it said in a research note.
Among heavyweights, Public Bank added two sen to RM4.56, TNB rose 10 sen to RM13.66, CIMB gained six sen to RM6.99, and Press Metal advanced two sen to RM5.02.
Maybank and CelcomDigi were unchanged at RM10.36 and RM3.53, respectively, while IHH Healthcare eased one sen to RM7.09 and Hong Leong Bank fell six sen to RM20.40.
In active stocks, Innature and Pertama Digital each rose three sen to 24.5 sen and 20 sen, respectively. Sedania added 1.5 sen to 14 sen, YTL Corp climbed five sen to RM2.05, and Sealink advanced 2.5 sen to 19 sen.
Sapura Energy, EA Holdings, and Minox International were unchanged at 4.5 sen, half-a-sen, and 25 sen, respectively.
On the index board, the FBM Emas Index strengthened 48.36 points to 11,412.42, the FBMT 100 Index gained 47.28 points to 11,168.97, and the FBM Emas Shariah Index rose 43.59 points to 11,102.38.
The FBM 70 Index advanced 98.52 points to 16,358.73, while the FBM ACE Index was up 22.38 points at 4,733.87.
By sector, the Industrial Products and Services Index edged up 0.13 of-a-point to 154.90, the Energy Index climbed 6.64 points to 747.03, and the Financial Services Index gained 6.64 points to 18,664.71.
The Plantation Index shed 36.79 points to 7,400.58.
-- BERNAMA
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