The Western Sun Shines Up To The Local Market


 Taking the positive signal of inflation readings in the United States (US), domestic equities started to excel.

At the opening, the FBM KLCI index started 1.77 points at 1,471.89 before rising 2.58 points at 1,472.70 compared to Tuesday's close at 1,470.12.

In the broader market, gains at 220 outpaced losses at 107, while 216 counters were unchanged, 1,730 untraded and 13 suspended.

Total revenue at 168.04 million units worth RM79.43 million.

According to Rakuten Trade Sdn Bhd, Wall Street ended the session in positive territory with the reading of US inflation falling below projections while restoring confidence in a small rate hike.

The positive news is seen pouring into the local market with the KLCI index expected to hover between the 1,470-1,485 range with oil and gas counters being the focus following the opening in China.

Heavyweight stocks saw Maybank remain at RM8.75, Public Bank Bhd rose 2 sen to RM4.37, CIMB Group Holdings Bhd added 1 sen to RM5.77 and Tenaga Nasional (TNB) jumped 6 sen to RM9.27 while Petronas Chemicals Group Bhd was down 1 sen at RM8.47.

Active shares showed SNS Network technology Bhd added 2 sen to 27 sen, Borneo Oil Bhd and Dataprep Holdings Bhd remained at 2.5 sen and 25.5 sen, Advance Synergy Bhd jumped 0.5 sen to 17.5 sen and YX Precious Metals Bhd added 1.5 sen to 23 sen.

On the index board, the FBM Emas index gained 15.22 points at 10,594.76, the FBMT 100 index jumped 14.35 points at 10,296.95, the FBM Emas Shariah index added 34.90 points at 10,742.71 and the FBM 70 reached 3.32 points at 13,009.32 while the FBM ACE was less than 0.25 points at 5,494.6

In terms of sectors, the Financial Services index fell 16.98 points at 16,555.15 while the Plantation index rose 29.86 points at 6,715.80, the Products and Services index gained 0.38 points at 180.99 and the Energy index jumped 5.35 points at 790.07.