What Positive Sentiment Drives the Stock Market Behind This Government Suspension?

 The local market is seen to be affected by the positive news from the United States (US) FOMC meeting minutes even though investors are waiting for the Istana Negara's decision.


At the opening, the FBM KLCI index started 7.18 points at 1,450.68 before rising 13.55 points at 1,457.05 compared to Wednesday's close at 1,443.50.


In the broader market, gains at 261 offset losses at 92, while 190 counters were unchanged, 1,790 untraded and 84 suspended.


Total turnover at 464.42 million units worth RM186.57 million.


According to Rakuten Trade Sdn Bhd, local institutions are expected to experience buying led by good news from the US and the index is forecast to close at 1,440.



Heavyweight stocks saw Petronas Chemicals Group Bhd gain 6 sen at RM8.84, Tenaga Nasional Bhd (TNB) gain 2 sen at RM8.44 and Press Metal Aluminum Holdings Bhd added 1 sen at RM4.84.


Meanwhile, IHH Healthcare Bhd fell 1 sen to RM5.98, Hong Leong Bank Bhd lost 2 sen to RM20.46 and Petronas Gas Bhd lost 2 sen to RM16.88.


Banking stocks saw Maybank gain 15 sen at RM8.70, Public Bank Bhd gained 9 sen at RM4.37 and CIMB Group Holdings Bhd gained 10 sen at RM5.61.


Active stocks showed Advance Synergy Bhd added 5 sen to 22.5 sen, Malayan United Industries Bhd jumped 1 sen to 11 sen and MyEG Services Bhd gained 1.5 sen to 81 sen while Eden Inc Bhd shed 3.5 sen to 15.5 sen and Thriven Global Bhd fell 2.5 sen. at 13 cents.


On the index board, the FBM Emas index added 83.09 points at 10,349.31, the FBM Emas Shariah index fell 38.55 points at 10,455.28, the FBMT 100 index rose 85.02 points at 10,082.45, the FBM ACE gained 27.06 points at 5,000.79 and the FBM 70 advanced 68.64 points at 12,319.8.


In terms of sectors, the Financial Services index jumped 198.67 points at 16,366.88, the Products and Services index added 0.82 points at 180.68 while the Plantation index plunged 35.96 points at 6,831.73 and the Energy index fell 3.34 points at 740.52.

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