On Wednesday, the central bank raised its key interest rate by the expected 75 basis points, lifting the rate to the highest level since 2018.
At 9.20am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.95 points to 1,481.66 from Wednesday’s close of 1,470.71.
The benchmark index opened 1.68 points better at 1,472.39.
On the broader market, gainers surpassed losers 347 to 101, while 229 counters were unchanged, 1,621 untraded and 66 others suspended.
Turnover stood at 359.74 million units worth RM157.65 million.
In a research note today, Malacca Securities Sdn Bhd said the positive momentum on Wall Street is likely to spill over to the regional and local bourses.
“The local bourse is expected to trade in a positive tone today following the solid gains on Wall Street,” it said.
The brokerage added that it believed the recent rebound should continue as the comments by US Fed chair Jerome Powell have eased investors’ concerns over the interest rate hike outlook going forward.
Meanwhile, on commodities, it noted that Brent crude rose to above US$106 per barrel, while crude palm oil (CPO) was trading above RM3,850 per metric tonne.
It said the energy sector might gain traction with the improvement in the CPO price.
The brokerage firm also anticipates the technology sector to get a boost after the Nasdaq booked its biggest daily percentage gain since April 2020, jumping by more than 4% yesterday.
Meanwhile, Bursa heavyweights Maybank gained one sen to RM8.81, Public Bank and Petronas Chemicals added eight sen each to RM4.68 and RM8.72, respectively, IHH Healthcare was five sen higher at RM6.42 and CIMB Group advanced two sen to RM5.24.
Of the actives, Bintai Kinden and Techna-X edged up half-a-sen each to 12.5 sen and 4.5 sen, respectively, Dagang NeXchange improved one sen to 79.5 sen, Metronic Global rose two sen to 15 sen and SFP Tech Holdings went up five sen to 72.5 sen.
On the index board, the FBM Emas index bagged 83.17 points to 10,513.15, the FBM Emas shariah index earned 78.20 points to 10,573.11, the FBMT 100 index garnered 82.28 points to 10,267.61, the FBM ACE widened 55.40 points to 4,834.60, and the FBM 70 surged 126.65 points lower at 12,605.12.
Sector-wise, the plantation index strengthened 19.75 points to 6,866.05, the financial services index jumped 136.52 points to 16,692.54, the industrial products and services index climbed 1.46 points to 180.00, and the energy index expanded 9.53 points to 654.73.