Bursa Malaysia started today's trading session on a positive note as the leading index crossed the 1,500-point mark as sentiment remained buoyant despite Wall Street's overnight weakness.
The movement occurred as the focus of the local market shifted to Bank Negara Malaysia's (BNM) announcement regarding the setting of the Yesterday's Policy Rate (OPR) through the Monetary Policy Committee meeting that took place today.
This morning, the main index of the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.74 points to 1,500.85 compared to the 1,496.11 recorded at the close yesterday.
The benchmark index opened with an increase of 1.05 points at 1,497.16. Overall market sentiment was positive where gainers outnumbered losers by 171 to 116. Meanwhile, 236 counters were unchanged, 1,764 were not traded and 19 others were suspended.
The total turnover is 179.32 million units worth RM77.47 million.
According to Apex Securities Bhd Chief Researcher, Kenneth Leong said the FBM KLCI moved in an upward trend yesterday and the performance is expected to continue in a calmer market environment with the main indicator index expected to once again break the psychological level of 1,500.
The development occurred amid investors' focus on BNM's decision on the OPR which is expected to remain at 3.0 percent.
However, at the global level, the market is more focused on the announcement of US quarterly earnings reporting for now.
Any further gains are likely to drive the benchmark index to the current resistance level at 1,504. The resistance level in the near term is at 1,465.
In the local market, heavyweights saw Public Bank gain one sen to RM4.36, CIMB, Petronas Chemicals and IHH Healthcare rose three sen each to RM6.05, RM6.82 and RM6.03, CelcomDigi added two sen to RM4 .26 and Hong Leong Bank gained eight sen to RM19.20.
Sector performance saw the Financial Services Index rise 28.27 points to 16,729.74, the Plantation Index gained 4.75 points to 907.89, the Plantation Index added 17.8 points to 7,173.6, the Energy Index rose 2.67 points to 860.83 and the Industrial Products and Services Index rose 0.42 points to 174.17.
