Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 20): The FBM KLCI opened higher on bargain hunting and after US equities rose to record closing highs in Thursday overnight trades.

Reuters reported that the Dow Jones Industrial Average and S&P 500 eked out record closing highs on Thursday, turning higher at the last minute after a Politico report that Federal Reserve Governor Jerome Powell is the leading candidate for the nominee for Fed chair.

It was reported that a decision like Powell would likely be a continuation of the current stock market-friendly monetary policy that has helped fuel the market's more than eight-year bull run.

At Bursa Malaysia, the KLCI rose 0.85 point to 1,744.84 points at 9am before rising further to 1,745.07 points at 9:02am. Yesterday, the KLCI fell five points to close at 1,743.99 points.

Across Bursa Malaysia today, 76.68 million shares worth RM21.25 million changed hands at 9:02am. There were 99 gainers and 88 decliners.

Analysts are however mindful on the sustainability of the KLCI's gains. "Blue chips should extend losses ahead of the weekend given the bearish momentum from persistent foreign selling pressure, while rotational buying interest highlight small caps and ACE market stocks," TA Securities Holdings Bhd wrote in a note today.

US shares rose overnight. The Dow Jones Industrial Average rose 5.44 points, or 0.02 percent, to end at 23,163.04, the S&P 500 gained 0.84 point, or 0.03 percent, to 2,562.1 and the Nasdaq Composite dropped 19.15 points, or 0.29 percent, to 6,605.07. Stocks have posted a string of record highs in recent weeks, and the Dow closed above 23,000 for the first time on Wednesday.

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