KUALA LUMPUR (Nov 11): Bursa Malaysia opened higher on Friday (Nov 11), surpassing the 1,460-point level, as investors bet that the US Federal Reserve would be less aggressive in its tightening policy due to lower-than-expected US inflation data in October, a dealer said.
At 9.05am, the benchmark FBM KLCI had garnered 13.67 points to 1,463.41, from Thursday’s close at 1,449.74.
The market bellwether opened 17.45 points better at 1,467.19.
On the broader market, gainers trounced decliners 357 to 63, while 177 counters were unchanged, 1,745 untraded, and 30 others suspended.
Turnover stood at 281.68 million units worth RM114.07 million.
According to news reports, US inflation eased to 7.7% in October, compared with a reading of 8.2% in September, raising hopes that high prices have begun to slow down.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the Dow Jones Industrial Average gained 1,200 points, while the Nasdaq staged a massive 761-point rally, as the US 10-year yield declined to 3.81%.
Back home, he believes the index should break the 1,450-point level decisively, and trend in the range of 1,450 to 1,465 on Friday, in line with expectations of a much stronger regional performance.
“We believe technology stocks should experience a massive boost today, following the steep uptrend in the Nasdaq overnight,” he told Bernama.
Among heavyweights, Axiata Group Bhd gained seven sen to RM2.93, Digi.Com Bhd added six sen to RM3.89, Malayan Banking Bhd (Maybank) increased by two sen to RM8.66, and Public Bank Bhd perked up two sen to RM4.45.
Among the actives, XOX Bhd was flat at two sen and Advance Synergy Bhd was unchanged at 13 sen, Top Glove Corp Bhd increased 2.5 sen to 91 sen, Artroniq Bhd climbed five sen to 62.5 sen, and Aimflex Bhd improved half a sen to 16 sen.
On the index board, the FBM Emas Index jumped 105.03 points to 10,376.04, the FBM Emas Shariah Index surged 134.75 points to 10,458.64, the FBM 70 soared 158.00 points to 12,294.03, the FBMT 100 Index bagged 102.72 points to 10,111.26, and the FBM ACE advanced 101.76 points to 5,085.55.
Sector-wise, the Transportation and Logistics Index inched up 10.39 points to 821.94, the Industrial Products and Services Index edged up 1.30 points to 176.07, the Plantation Index rose 29.05 points to 6,860.43, the Financial Services Index was 93.53 points firmer at 16,420.36, and the Energy Index put on 5.73 points to 716.29.-BERNAMA