BURSA Malaysia opened higher today, tracking the uptrend on Wall Street, buoyed by investors’ hopes on the US presidential election clarity, as well as a potential fiscal stimulus package that may be crafted in the wake of the results, said an analyst.
As at 9.05am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.87 points to 1,464.32 after opening 3.04 points better at 1,464.49.
Gainers outnumbered losers 276 to 107, while 248 counters were unchanged, 1,510 untraded and 18 others suspended.
Total volume stood at 321.75 million worth RM105.74 mil.
Malacca Securities Sdn Bhd expects the tepid momentum to continue as investors will be monitoring the US election results that has kept investors on their toes.
“Meanwhile, we expect rotational play to take charge on the lower liners, although sentiment remain rocky as the US enters into the ballot tallying during market trading hours today.
“We see the construction sector to come into the spotlight as we approach the tabling of Budget 2021 on the back of expectations that mega infrastructure projects will be retained,” it said in a research note today.
The research firm further noted that the technology sector is also expected to remain firm in view of the solid performance on Nasdaq overnight. – Nov 5, 2020
