Bursa Malaysia opens higher with renewed buying interest in most heavyweights, along with higher Wall Street and Asian markets.
The benchmark FBM KLCI rose 7 points at 1691.3 from the previous close of 1684.7. Market breadth was positive with gainers outpacing losers 203 to 66, while 159 counters were unchanged, 1,486 untraded and 84 others suspended.
The Wall Street closed higher following a decision by the US Federal Reserve to leave interest rates unchanged, maintaining the target range for the federal funds rate at 2.25 percent to 2.50 percent.
KLSE Stock Loser
Stock in News
Lotte Chemical Titan Holding Bhd’s shares down by 11% after the group posted a 97% fall in its fourth-quarter net profit. The counter was trading at RM4.27 as at 4.10pm, down 35 sen or 7.58%.Quarterly revenue was up 10.4% to RM2.34 billion from RM2.12 billion previously.
Uzma Bhd shares rose 4.62% this morning after it refuted a blog post’s claim made against the company, its executives and its main customer. Uzma rose 3 sen to 68 sen with 821,700 shares traded.
Berjaya Corp Bhd (BCorp) is acquiring a 4.61% stake in Berjaya Land Bhd for RM87.4 million or 38 sen per share. The proposed acquisition will be fully satisfied via the issuance of about 291.3 million new BCorp shares at an issue price of 30 sen per share.
Traders react positively after US Fed policy statement stocks move higher over the day. The major averages pulled back off their highs of the session in the final hour of trading but remained firmly positive.
The Dow surged up 434.90 points or 1.8 percent to 25,014.86, the Nasdaq soared 154.79 points or 2.2 percent to 7,183.08 and the S&P 500 jumped 41.05 points or 1.6 percent to 2,681.05.
The Fed chairperson said to maintain the target range for the federal funds rate at 2.25 to 2.50 percent. In the statement, the central bank also removed a sentence describing the risks to the economic outlook as “roughly balanced.”
Forex Signals: The ringgit trade higher against USD in early session at 4.0880 vs. previous close 4.1050.
Gold Price: Gold continues its rising uptrend and made high $1323. Earlier before US market opening Gold came lower around $1309 level. Now gold approaching overbought zone but the trend still remains up.
Today Gold Trading Range: $1309-$1324.