Bursa Malaysia opened higher today, in line with positive global stock developments following better economic outlook.
As of 9.17am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index index rose 6.75 points to 1,585.14 from 1,578.39 when it closed yesterday.
According to Bernama, the market opened 3.92 points high at 1,582.31.
Gainers outnumbered losers by 426 to 210, while 1,049 counters were unchanged, 491 untraded and 24 others suspended.
Turnover stood at 1.45 billion worth RM452.15 million.
An analyst said an overnight increase in US stocks caused other Asian stocks to rise as well.
"A good period for equity has returned as the political transition in the US has diminished following President Joe Biden's election winner nominating Janet Yellen (economist) for the post (treasury secretary) for his Treasury Department which shows his policy priorities," he said.
Bloomberg reported an upward trend in global equities continued on Wednesday after US stocks rose to new levels, with cash continuing to record in the cyclical sector.
"Asian stocks opened higher and futures in the S&P 500 Index rose after the index closed at an all-time high and the Dow Jones Industrial Average surpassed 30,000 for the first time," he said.
At the Malaysian counter, cyclical stocks, related to consumers, finance and real estate, have shown increasing momentum.
On Bursa Malaysia, Public Bank heavyweights added 30 sen to RM18.68, Telekom Malaysia rose 18 sen to RM4.78, Maybank rose five sen to RM8.18 and Press Metal added 10 sen to RM6.20.
Among actives, Sapura Energy added one sen to 12.5 sen, AT Systematization and Mtouche, up 1.5 sen to 17 sen and 8.5 sen, respectively.
On the index board, the FBM Emas Index rose 58.41 points to 11,383.86, the FBMT 100 Index rose 53.93 points to 11,169.62, the FBM Emas Shariah Index jumped 38.59 points to 13,051.85 and the FBM 70 added 95.18 points to 14,596.01.
FBM ACE rose 54.89 points to 10,535.02, the Industrial Products and Services Index added 0.31 points to 157.99, the Plantation Index rose 8.0 points to 7,276.33 and the Financial Services Index rose 127.43 points to 14,097.84.
