Bursa opens firmer despite elevated US yields, oil prices
Investors are likely to remain cautious as high oil prices, bond yields and a hawkish Fed curb equity appetite, says an analyst.
Bursa Malaysia initiated trading on Friday in a more optimistic tone, buoyed by renewed buying activity despite persistently high US Treasury yields and oil prices. The benchmark index was up 1.90 points, or 0.11%, to 1,674.21 at the market open, as opposed to the previous day's close of 1,672.31. Preliminary trading saw 192 stocks gain, 128 lose, with 342 remaining flat.
Two thousand two hundred sixty-one shares traded hands, totaling RM72.92 million in turnover. Hong Leong Investment Bank (HLIB) cautioned that cautious sentiment could keep the benchmark index confined within a narrow range, considering factors like higher oil prices, elevated bond yields, and a hawkish stance from the US Federal Reserve.
The bank highlighted potential support from Chinese investments worth RM28 billion and the proposed extension of the East Coast Rail Link to Rantau Panjang, Kelantan, which could bolster Malaysia's long-term investment climate and regional connectivity. Some stocks like Maybank, Public Bank, and IHH Healthcare remained unchanged, while CIMB and Tenaga Nasional showed slight declines.
Notable gains were recorded by Aimax, Iconic Worldwide, and Zetrix AI, while Nestle saw the steepest decline. The FBM Mid 70 Index opened 39.53 points higher at 17,794.35, and various sector indices also posted modest gains.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Bursa opens firmer despite elevated US yields, oil prices freemalaysiatoday.com
