Bursa Malaysia open higher today, following the bounce back observed on Wall Street and rise in crude oil prices
The FTSE Bursa Malaysia KLCI (FBM KLCI) raised 8.34 focuses to 1,680.94 from Wednesday’s end of 1,672.60. The list opened 7.11 focuses higher at 1,679.71.
Market expansiveness was certain with 274 gainers against 26 failures, while 86 counters were unaltered, 1,498 untraded and 54 others suspended. Turnover remained at 149.64 million offers worth RM63.53 million.
Among heavyweights, Maybank gained three sen to RM9.38, Public Bank bagged four sen to RM24.80, Tenaga advanced 12 sen to RM13.66, and CIMB rose five sen to RM5.77, while Petronas Chemicals was changed at RM9.19.
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Genting Hong Kong Ltd. shares rose 7.5 percent in Hong Kong trading, more than any full-day gain since March 2016.
Eversendai Corp Bhd shares rose 1.56% this morning after the group said it had secured jobs worth RM1.44 billion.
Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) rose 2.70% this morning after its consortium with UK-based TechnipFMC plc, bagged a six-year contract from Saudi Arabian Oil Co (Saudi Aramco) to undertake engineering, procurement, facilities within Saudi Arabia waters.
US markets have witnessed bounce back from its lower level with the Dow Jones up by about 5% and the Nasdaq ascending by almost 6%. The Dow rose 1,086, picking up 5%. The S&P 500 also followed Dow soar 5%,
Tech stocks drove the rally. Amazon took off 9.5%, Facebook (FB), Netflix (NFLX) rose 8%, Apple (AAPL) hopped 7% and Alphabet (GOOGL) was up 6%.
Vitality stocks were not far behind, driven by Marathon Oil (MRO), which rose 11.9%. Hess (HES) was up 11%.
Forex Signals: The ringgit was higher against the US dollar in early trade as weaker USD. The ringgit traded at 4.1740/1770 versus the US Dollar from 4.1750/1790.
Gold price: Gold hit its highest level shrugging off the recovery in the U.S. equity markets and a firmer U.S. Dollar. Comex gold Feb contract is trading $1277.30, up $5.50 or +0.46%. This is slightly below the July 9 top at $1284.10 and a key technical level at $1285.70.
Gold Trading Range $1262-$1275