KUALA LUMPUR: Projections by the US Federal Reserve that it would cut interest rates spurred on equities markets, including Bursa Malaysia, as investors snapped up stocks in light of the brighter prospects in 2024.
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The US market surged overnight with the major indices picking up gains of 1.4% each and the Dow Jones hitting a record high of 37,090 points.
“Going forward, central banks across European counterparts will be in focus ahead of the interest rates decisions, coupled with US retail sales data.
“We opine the technology sector may lead the gains today, taking cues from the spillover sentiment and the plummeting treasury yields in the US,” said Apex Securities Research in a note.
On Thursday, The Malaysian market is seeing the spillover effect from Wall Street, with the FBM KLCI opening 0.84 points higher to 1,448.88.
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Gainers on the blue-chip index include Nestle up RM1.30 to RM117.30, Sime Darby Plantation rising three sen to RM4.56 and Press Metal adding two sne to RM4.85.
Bursa Malaysia’s technology index rose on the back of the jump in the US technology sector, adding 0.3% to 62.78.
Early gainers included Greatech up seven sen to RM4.67, Inari Amertron adding four sen to RM2.98, Pentamaster climbing seven sen to RM4.56 and D&O rising two sen to RM3.51.
Among top actives, Sapura Energy was flat at five sen , Mintec rose 0.5 sen ot 7.5 sen and Top Glove was unchanged at 87.5 sen.