KUALA LUMPUR: Bursa Malaysia was higher in the early trading session today as an overnight rebound in the US markets sparked bargain hunting activities in the domestic market.
At 9.10 am today, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 15.36 points to 1,271.94 from yesterday’s close of 1,256.58, after opening 2.15 points easier at 1,254.43 this morning.
On the broader market, gainers edged losers 283 to 95, with 138 counters unchanged, 1,500 untraded and 16 others suspended.
Turnover amounted to 206.74 million shares worth RM108.16 million.
In a note, PublicInvest Research said the Wall Street rebounded last night, helped by the White House backing of a US$850 billion federal stimulus plan and a Federal Reserve move to backstop the commercial paper market by providing short term funding to businesses hit by the COVID-19 pandemic.
“The recovery came a day after the Dow Jones Industrial Average suffered its worst one day fall since the 1987 market crash as governments in the US and Europe shut down significant amounts of economic activity in an attempt to slow the pandemic that originated in China in January,” it said.
The Dow closed 1,048.79 points, 5.2 per cent% higher, at 21,237.31, while the S&P 500 index added 143.06 points, six per cent to close at 2,529.19 and the Nasdaq Composite Index closed up 430.19 points or 6.2 per cent at 7,334.78.
Among the heavyweights on Bursa Malaysia, Maybank added 10 sen to RM7.46, Tenaga gained 20 sen to RM11.44, Public Bank rose 12 sen to RM14.02 and IHH was flat at RM4.68.
Of the actives, Bumi Armada added half-a-sen to 14.5 sen, ACO Group eased six sen to 22 sen and Sapura Energy inched down half-a-sen to 8.5 sen.
On the index board, the FBM Emas Index garnered 96.95 points to 8,723.73, the FBM Emas Shariah Index increased 111.31 points to 9,472.36 and the FBM 70 rose 88.99 points to 10,033.41.
The FBMT 100 Index was 98.47 points higher at 8,649.10 and the FBM Ace was 64.95 points better at 3,687.04.
Sector-wise, the Industrial Products and Services Index inched up 0.75 of-a-point to 102.89, the Plantation Index added 15.34 points to 5,704.98 and the Financial Services Index surged 117.27 points to 11,779.76.-- BERNAMA