BURSA MALAYSIA SLIGHTLY HIGHER IN EARLY TRADE

KUALA LUMPUR, Sept 19 (Bernama) -- Bursa Malaysia's benchmark index opened slightly higher despite a weaker Wall Street performance overnight as the US Federal Reserve cut interest rate by half a point.  

At 9.23 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.88 of-a-point to 1,661.47 from Wednesday's close of 1,660.59.  

The benchmark index opened 2.68 points higher at 1,663.27.   

Across the broader market, gainers led losers 300 to 174, with 288 counters unchanged, 1,743 untraded and 10 suspended.

Turnover amounted to 413.73 million shares worth RM233.90 million.

On Wednesday, the Fed cut its interest rate by 50 basis points, the first and the biggest cut since March 2020 when COVID-19 was trouncing the economy.

"We believe this could raise concerns about a potential recession, or at the very least, suggest that the Fed anticipates weaker economic data ahead, prompting such a large rate cut,” Malacca Securities Sdn Bhd said in a research note today.

With the interest rate cut, the brokerage expects the market to focus on REITs. A stronger ringgit could also benefit domestic sectors like consumer, utilities, financial, and automotive.

"Additionally, we are optimistic about the construction and property sectors, supported by ongoing data centre projects and the emerging catalyst from the Johor-Singapore Special Economic Zone,” said Malacca Securities.

Of the heavyweights, Maybank gained two sen to RM10.70, CIMB added one sen to RM8.34, IHH Healthcare advanced seven sen to RM7.18, Hong Leong Bank grew 14 sen to RM21.34, Public Bank was flat at RM4.71, TNB shed six sen to RM14.68 and Petronas Chemicals eased one sen to RM5.51.

Among the active counters, ACE market debutant Solar District Cooling jumped 14.5 sen to 52.5 sen, Cape EMS inched up half-a-sen to 37 sen, Leong Hup increased 2.5 sen to 68.5 sen, Capital A gained four sen to 82 sen, Luster Industries and PUC were flat at 6.5 sen and four sen, respectively, while AHB eased half-a-sen to 4.5 sen.  

On the index board, the FBM Emas Index expanded by 20.94 points to 12,424.92, the FBM Emas Shariah Index garnered 19.21 points to 12,277.85, and the FBMT 100 Index went up 17.99 points to 12,133.79.    

The FBM 70 Index appreciated 69.12 points to 17,637.08, and the FBM ACE Index notched up 4.23 points to 5,091.04.   

Sector-wise, the Financial Services Index improved by 43.32 points to 19,703.41, the Plantation Index was 12.09 points easier at 7,152.11, the Industrial Products and Services Index edged up 0.64 of-a-point to 176.72, and the Energy Index bagged 2.96 points to 865.23.   

-- BERNAMA