Stock exchange in Bursa Malaysia climbs early, driven by anticipation towards the forthcoming US interest rate decision.
Bursa Malaysia Kicks Off Week with Positive Trend
Bursa Malaysia started the week on a positive note, with the FBM KLCI gaining 1.16 points to 1,601.29. This upward trend is likely due to last-minute buying ahead of a long weekend.
The FBM 70 Index surged 100.90 points, and the FBM ACE Index added 14.73 points. The FBM Emas Index improved by 27.45 points, the FBMT 100 Index gained 23.63 points, and the FBM Emas Shariah Index rose 16.62 points.
In the sectoral indices, the Industrial Products and Services Index increased 1.37 points, the Plantation Index advanced by 17.88 points, the Financial Services Index rose by 51.73 points, and the Energy Index climbed 6.38 points.
Notable movers in the market include Pharmaniaga and Bumi Armada, which increased half a sen each, Notion gained four sen, and JCY put on two sen. However, VS Industry decreased 1.5 sen.
Some of the major stocks also saw changes in their prices. Maybank remained at RM9.87, Public Bank added one sen to RM4.26, CIMB bagged nine sen to RM7.46, and IHH jumped 13 sen to RM7.38.
Interest on the stock market is centered on the purported talks between US President Donald Trump and Chinese President Xi Jinping.
Meanwhile, overseas, US stocks closed lower as traders locked in profits ahead of the FOMC's interest rate decision and a statement by Federal Reserve chair Jerome Powell on future policy direction. Market breadth was positive, with 286 gainers and 152 decliners.
On a separate note, the two powers reached an agreement to keep TikTok operating in the US.
It's worth noting that Bursa Malaysia was closed on Sept 15 due to Malaysia Day. The exchange reopened this week, resuming its operations.
Looking ahead, Kenny Yee Shen Pin, head of research at Rakuten Trade Sdn Bhd, expects the FBM KLCI to hover within the 1,595-1,610 range today.
In the plantation sector, Tenaga fell eight sen to RM13.30. The total turnover stood at 173.30 million shares worth RM150.38 million.
The FBM KLCI surged to reach the 1,600 level last Friday. This marked a significant milestone for the Malaysian stock exchange.
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