Bursa Malaysia opens higher extends last Friday’s gains in early morning session supported by buying in heavyweights.
FTSE Bursa Malaysia KLCI index trade near 1700 mark, while on Friday it closed at 1,692.22. Market breadth was positive, as advances outnumber losers.
Among heavyweights, Armada up 0.015 at 0.235, SAPNRG at 0.285, Nestle up 0.300 at 147.70.
Sector-specific, the Finance Index down 17.47 points to 17,510.78 and the Plantation Index up 63.26 points to 7,264.30 and the Industrial Products and Services Index added 0.51 of-a-points to 164.17.
KLSE Stock Loser
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Mesiniaga Bhd shares rose to their highest in a year after the stock gained as much as 34 sen or 29% to RM1.50 so far today. It has accepted a letter of award for an RM1.9 billion contract from Xiddig Cellular Communications Sdn Bhd.
Barakah Offshore Petroleum Bhd shares rise in active trade at mid-morning today after its unit won a five-year contract to service Petrofac Ltd’s oil and gas fields offshore Peninsular Malaysia.
US stock markets closed on Monday for the Martin Luther King Jr. holiday. So lack of any news from the US market. While Friday stocks moved sharply higher extending previous session gains on positive optimism of US and China trade war. The major US indexes ended the day firmly in positive territory.
The Dow up 336.25 points or 1.4 percent to 24,706.35, the Nasdaq jumped 72.76 points or 1 percent to 7,157.23 and the S&P 500 surged up 34.75 points or 1.3 percent to 2,670.71.
Oil sector stocks moved higher over the course of the trading session, raising Philadelphia Oil Service Index up by 3.8 percent. Other positive sector included transportation, computer hardware manufacturer.
Forex Signals: The ringgit opens lower against the US dollar. The ringgit traded at 4.1200 vs. previous close 4.1100/1150.
Gold Price: Gold continues to trade lower but every fall in price short lived. Gold trading range remains still $1276 on the lower side and to higher side $1283 which is just a small barrier.
Gold Range: $1276-$1283.