Kuala Lumpur: Bursa Malaysia share prices opened higher on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 5.45 points to 1,691.39 at 9 am. The trading volume was 26.71 million lots worth RM10.57 million. There were 313 gainers, 69 losers and 167 counters unchanged.
Tech-related stocks put on a mild bounce early Wednesday after the overnight rally on Wall Street while recently-battered down Telekom Malaysia advanced on some mild bargain hunting. The Budget 2019 proposals to be announced on Friday and the taxes to help put the country’s finances on a strong footing.
The KLSE gainer stock list shows, Telekom added 10 sen to RM2.26 in active trade. Air Asia gained 12 sen to RM2.70 and Perstima 18 sen to RM4.70. KESM bounced 24 sen to RM10.10, SAM Engineering 21 sen to RM7.91 and MPI 20 sen higher at RM11. Petronas Gas rising 22 sen to RM18.18.
The KLSE loser stock list shows, Hong Leong Bank fell six sen to RM20.60, Teo Seng 5.5 sen to 73.5 sen, Toyo Ink 5.5 sen lower at 72.5 sen. KL Kepong fell two sen to RM24.92 and MAHB slid five sen to RM8.24.
Among the KLSE active stock list, Seacera was the most active, up 2.5 sen with 37.7 million shares done. Datasonic and Prestariang gained to 36.5 sen and 51 sen.
US indices jumped more than 1% on Tuesday night as investors returned to the market to pick up on cheap valuations following the selldown earlier in the week. The Japan Nikkei opens up with 2.08% and Hang Seng index opens up at 1.12%.
In the Forex market, the ringgit was marginally weaker against the US dollar at 4.1830. It gained 0.5% against the pound sterling at 5.3153 and 0.1% against the Singapore dollar at 3.0181.
Oil prices slide up for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the U.S.-China trade war kept the pressure on the market.
WTI crude gained 17 cents to US66.35 a barrel while Brent crude rose 47 cents to US$76.30 a barrel.