Bursa Opens Higher, Seen Testing 1,600 Level On US Rate Cut Hopes
By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Aug 14 (Bernama) -- Bursa Malaysia opened higher and is set to test the 1,600 level today after Wall Street's bullish momentum overnight on US interest rate cut hopes, coupled with a strong corporate earnings season, analysts said.
At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.48 points, or 0.16 per cent, to 1,589.08 from yesterday's close of 1,586.60. The benchmark index earlier opened 0.31 of a point firmer at 1,586.91.
The market breadth was positive, with advancers leading decliners 191 to 154. A total of 301 counters were unchanged, 1,918 untraded and 17 suspended.
Turnover stood at 174.93 million shares worth RM97.13 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that Wall Street's overnight rally pushed both the Nasdaq and the S&P500 to record highs. 'Meanwhile, the US 10-year yield eased to 4.236 per cent while Hong Kong's Hang Seng Index cruised past the 25,000 level as traders' risk appetite increased as hopes for a US interest rate cut in September escalated,' he told Bernama.
On the domestic front, as the FBM KLCI surged to almost the 1,590 mark at the close yesterday, Thong said he believes the index is set to test the 1,600 level soon, and eventually improve the overall trading volume of the local bourse in the future. 'We expect the buying momentum to persist, hence expect the index to hover within the 1,580-1,600 range today,' he added.
Among the heavyweight stocks, Maybank added six sen to RM9.92, Public Bank climbed one sen to RM4.45, and CIMB gained five sen to RM7.24. Tenaga Nasional eased six sen to RM13.74 while IHH Healthcare was flat at RM6.91.
On the actively traded list, Oxford Innotech advanced three sen to 41 sen, Mtouche Technology, Icents and YGL inched up half-a-sen to 3.5 sen, 43 sen and 14 sen, respectively, while Classita dipped half-a-sen to 8.5 sen.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
2 hours ago
- Barnama
Ekuinas Empowers 19 Bumiputera SMEs Under ILTIZAM Catalyst 2024
KUALA LUMPUR, Aug 17 (Bernama) -- Ekuiti Nasional Bhd (Ekuinas) has empowered 19 Bumiputera small and medium enterprises (SMEs) that have strengthened their performance and elevated their businesses through ILTIZAM Catalyst 2024, a flagship programme under ILTIZAM's Entrepreneurship pillar. In a statement today, Ekuinas chairman Tan Sri Shahril Ridza Ridzuan said that over the past nine months, these companies had undergone a structured transformation. He said the programme focused on strengthening their business foundations across four areas — financial management and compliance, branding and digital marketing, technology adoption, and leadership.
Barnama
3 hours ago
- Barnama
Sabah Allocates RM600,000 To Assist e-Hailing Workers In Opening EPF Accounts
KOTA KINABALU, Aug 17 (Bernama) -- The state government has allocated nearly RM600,000 to assist e-hailing gig workers in opening their Employees Provident Fund (EPF) accounts, said Sabah Chief Minister Datuk Seri Hajiji Noor. He added that a total of 11,109 applications have been received from e-hailing workers for the contributions. "This initiative aims to support those e-hailing workers who have yet to open an EPF account," he said during his speech at the launch of the Sabah Moto Day 8.0 programme at Universiti Malaysia Sabah (UMS) today. Hajiji also expressed his delight at the Sabah Moto Day event, which attracted around 60,000 motorcyclists and motorsports enthusiasts from Sabah, Sarawak, and Brunei. "The significant turnout of participants and visitors reflects the enduring appeal of motorsports to the youth and the general public," he said. "I am truly impressed by the support from all participants, regardless of age, race, or religion, united by a common interest. We should see this gathering in a positive light, as it can contribute to our state's economic growth," he added. In his speech at the launch of the Youth Programme in Putatan, Hajiji highlighted the state government's commitment to youth development, pointing to initiatives like grants, training, and innovation and entrepreneurship programmes to provide platforms for Sabah's youth to thrive. He announced that the Youth Programme Grant, amounting to RM300,000, will be distributed to youth NGOs in the Tanjung Aru, Petagas, and Tanjung Keramat constituencies within the Putatan parliamentary area. "This grant exemplifies our commitment to supporting projects and ideas that benefit the local community. I encourage you to make full use of this grant to implement programmes that will benefit youth in your respective areas," he said.
Barnama
3 hours ago
- Barnama
Perlis KEMAS Committed To Empowering Rural Women In Business
KANGAR, Aug 17 (Bernama) -- The Perlis Community Development Department (KEMAS) is committed to empowering women in rural areas, particularly female entrepreneurs under its guidance. Perlis KEMAS director Mohamad Zaki Ismail said efforts to empower the group in business would continue in line with the implementation of the Wanita Inspirasiku programme themed 'Rural Women Going Global'. 'We hope rural women, particularly women entrepreneurs under KEMAS' guidance, will be able to help increase their family income while expanding the market for their products globally,' he said at the opening of the state-level Santunan Desa KEMAS Programme here today.
