Bursa opens higher following gains in oil price, US stocks

KUALA LUMPUR: Recovery in oil price along with an overnight rebound in US markets has lifted the current sombre mood in the domestic market this morning, with the benchmark index inched 0.88 per cent higher in early trading.

At 9.30 a.m. today, the FBM-KLCI was at 1,248.24, up 28.52 points, after opening 0.82 points higher at 1,220.54 this morning.

The FBMACE was at 3,342.18, up 142.45 points, and the FBMEmas was at 8,458.77 up 200.98 points

There were 408 gainers, 107 losers and 174 counters traded unchanged on Bursa Malaysia,

Turnover was at 513.286 million shares valued at RM256.938 million.

A dealer said oil prices rose more than 10 per cent yesterday, with Brent Crude Oil 5.1 per cent higher at US$26.16 per barrel while US Crude gained 12.9 per cent at US$23 per barrel after US President Donald Trump said he would get involved in the global price war between the Organisation of the Petroleum Exporting Countries and its allies at an ‘appropriate time’.

Meanwhile, Wall Street was also higher yesterday as market sentiment was lifted after central banks and governments pledged support for measures to shield their economy from impacts associated with COVID-19 pandemic that has claimed more than 8,000 lives around the globe.

As a result, the Dow Jones Industrial Average gained one per cent to 20,081.19, the S&P 500 rose 0.5 per cent to close at 2,409.39 and the Nasdaq Composite Index advanced 2.3 per cent to end the session at 7,150.58.

“On the local front, we expect the FBMKLCI to range between 1,200 and 1,280 today, while downside supports are at 1,211 and 1,130,” he added.

Among the heavyweights on Bursa Malaysia, Maybank added seven sen to RM7.15, Tenaga eased two sen to RM11.30, Public Bank gained 36 sen to RM13.02 and IHH was four sen higher at RM5.19.

Of the actives, Vortex was flat at 2.5 sen, Bumi Armada was 1.5 sen better at 13 sen and Alam Maritim inched up half-a-sen to 3.5 sen.

On the index board, the FBM Emas Index gained 60.72 points to 8,318.50, the FBM Emas Shariah Index increased 31.88 points to 9,152.37 and the FBM 70 increased 67.19 points to 9,261.45.

The FBMT 100 Index was 69.84 points higher at 8,284.47 and the FBM Ace was 44.74 points better at 3,244.47.

Sector-wise, the Industrial Products and Services Index inched up 0.77 of-a-point to 93.29, the Plantation Index gained 16.29 points to 5,548.32 and the Financial Services Index surged 168.88 points to 11,054.33. -Bernama

source https://www.thesundaily.my/business/bursa-opens-higher-following-gains-in-oil-price-us-stocks-XL2159044