The decline in crude oil prices that led to reduced concerns over inflation also helped to nudge the local bourse up.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.42 of-a-point to 1,491.77 from yesterday’s close of 1,491.35.
The benchmark index opened 0.48 of-a-point lower at 1,490.87.
On the broader market, gainers led losers 192 to 92, while 192 counters were unchanged, 1,814 not traded and nine others suspended.
Turnover stood at 108.54 million units worth RM58.30 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects Bursa Malaysia to gain alongside the surge in US equities to possibly test the 1,500-level today.
The DJI Average rose by 436 points and the Nasdaq gained 247 points, while the US 10-year yield eased to below 3.27%.
Thong told Bernama technology stocks are likely to garner some buying interest today following the lacklustre performance in the past month.
“Meanwhile, the plantation and energy sectors are expected to experience some selling pressure today as the crude palm oil price weakened to around RM3,600 per tonne, while oil benchmark Brent crude dipped to US$88 per barrel on global recessionary fears,” he added.
Among the heavyweights, Maybank and Public Bank added two sen each to RM8.95 and RM4.66, respectively, and IHH Healthcare gained four sen to RM6.24, while Petronas Chemicals shed 13 sen to RM8.87 and CIMB lost two sen to RM5.38.
Of the actives, Metronic Global and SNS Network increased half-a-sen to 6.5 sen and 26.5 sen, respectively, Sarawak Consolidated rose a sen to 16 sen and Orgabio pushed up three sen to 35 sen, while Hibiscus Petroleum slid three sen to 97 sen.
On the index board, the FBM emas index was 9.03 points firmer at 10,594.40, the FBMT 100 index inched up 9.16 points to 10,342.46, the FBM 70 improved 36.49 points to 12,716.46, the FBM emas shariah index bagged 7.95 points to 10,672.53 and the FBM ACE was 8.43 points stronger at 4,782.05.
Sector-wise, the plantation index was 15.24 points weaker at 7,013.59, the industrial products and services index declined 0.57 of-a-point to 184.48 and the energy index fell 11.38 points to 697.81, while the financial services index strengthened 5.09 points to 16,718.12.
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