Share Prices Open Marginally Higher Amid Cautious Trading Over Fed Meeting Outcome

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KUALA LUMPUR, April 30 – Share prices on Bursa Malaysia opened marginally higher amid cautious trading over the outcome of the US Federal Open Market Committee meeting. At 9:28 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.32 points better at 1,860.66 points after opening 0.62 point lower at 1,858.72 points. Turnover stood at 198.41 million shares worth RM99.62 million. Market breadth was positive with gainers leading losers 184 to 143, while 219 counters were unchanged, 1,087 untraded and 30 others were suspended. Kenanga Research said the short-term trend of the FBM KLCI remained sideways range-bound from 1,840 points to 1,869 points. “However, readings from key indicators showed the local benchmark is undergoing a correction and the consolidation process is most likely to extend today,” the research house said in a note.

Among the top gainers were British American Tobacco, which soared 32 sen to RM61.36, followed by Hong Leong Industries and Petronas Dagangan, which garnered 18 sen each to RM6.70 and RM30.56, respectively. Other heavyweights, Maybank added 6.0 sen to RM9.78, Axiata gained 1.0 sen to RM6.69, Public Bank was down 18 sen to RM19.98, CIMB eased 1.0 sen to RM7.47 and TNB was flat at RM11.90. Among actives, 1 Utopia and China Stationery remained unchanged at 7.5 sen and 14 sen, respectively, and Asian Pac earned half-a-sen to 29.5 sen. On the scoreboard, the Plantation Index gained 11.77 points to 8,997.1 points, the Industrial Index added 6.69 points to 3,168.67 points but the Finance Index was 9.16 points lower at 17,037.8 points. The FBM Emas Index rose 7.81 points to 12,885.02, the FBMT100 Index was 5.43 points higher at 12,532.45, the FBM Ace garnered 7.3 points to 6,575.42 points but the FBM 70 lost 7.34 points to 14,064.18 points.

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