Extended buying momentum keeps Bursa in positive territory
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Loading... - Bojing Liu
- 20 Jan 2023
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Bursa Malaysia extended yesterday’s gains to open higher today, supported by continued buying momentum in selected heavyweights despite the cautious sentiment in regional markets, dealers said.
At 9.15am, the benchmark FBM KLCI gained 1.63 points to 1,497.85 from 1,496.22 at yesterday’s close.
The market bellwether opened 0.66 point better at 1,496.88.
In the broader market, gainers surpassed decliners 178 to 135, while 224 counters were unchanged, 1,655 were not traded, and 10 others were suspended.
Turnover amounted to 187.99 million units worth RM87.04 million.
Today is the last trading day of the Lunar Year of the Tiger. The Chinese community ushers in the Year of the Rabbit on Sunday. Bursa Malaysia has announced that it will be closed next Monday and Tuesday for the Chinese New Year celebration.
In a note released today, Malacca Securities Sdn Bhd said the sideways trend on the local bourse yesterday could turn negative biased prior to the Lunar New Year holidays after Wall Street extended its slide amid increasing concerns on softer economic activities going forward and the expectation of the US Federal Reserve’s tone remaining hawkish.
In a note today, it said the FBM KLCI eked out marginal gains yesterday following the decision by Bank Negara Malaysia (BNM) to maintain the overnight policy rate (OPR) at 2.75%.
Commodities wise, the Brent crude oil traded above US$86 per barrel, while the crude palm oil (CPO) price stayed above RM3,850 per kg.
According to the research firm, BNM’s decision to pause the OPR hike may trigger further profit-taking activities on the banking sector.
