KUALA LUMPUR: Bursa Malaysia extended yesterday’s gains to open higher today on continued buying interest on selected heavyweights, driven by the Bank Negara Negara Malaysia’s decision to keep the Overnight Policy Rate (OPR) at 3.25 per cent, dealers said.
At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.34 points higher at 1,696.93, from yesterday’s close of 1,693.59 after opening 6.0 points higher at 1,699.59.
Market breadth was positive, as gainers outnumbered losers 180 to 107, while 161 counters were unchanged, 1,464 untraded and 25 others suspended.
Turnover amounted to 229.39 million shares worth RM85.23 million.
In a research note today, Maybank IB Research believed the the FBM KLCI would range between 1,680 and 1,710 points today, with downside supports at 1,658 and 1,644 points.
“Despite a weaker ringgit and Brent crude oil price, investors’ interest remained locked on to beaten down small-cap stocks due to attractive valuations,” it said.
During the year’s first Monetary Policy Committee (MPC) meeting yesterday, the central bank kept the OPR unchanged for the sixth consecutive meeting and since the +25 basis points hike a year ago.
While BNM acknowledged that global growth momentum is moderating as trade tension impact materializes with risks to growth tilted to the downside, Maybank IB said the central bank expects the economy to remain on a steady growth path on the back of private sector demand amid lower public spending and softer external demand.
Among heavyweights, Maybank was flat at RM9.62, Public Bank and TNB slipped two sen each to RM24.80 and RM13.60, respectively, while Petronas Chemicals rose six sen to RM8.58.
Of actives, Bumi Armada and Barakah Offshore advanced one sen each to 23.5 sen and nine sen, respectively, Hubline earned half-a-sen to six sen and Datasonic added two sen to 53 sen.
The FBM Emas Index was 25.22 points higher at 11,745.06, the FBMT 100 Index increased 24.20 points to 11,627.29, the FBM Emas Shariah Index advanced 32.15 points to 11,677.58, the FBM 70 bagged 34.37 points to 13,874.86 but the FBM Ace Index shed 13.01 points to 4,437.86.
Sector-wise, the Finance Index went up 20.91 points to 17,611.31, the Plantation Index recovered 7.43 points to 7,297.18 and the Industrial Products and Services Index earned 0.55 of-a-point to 162.73.