SHARE PRICES OPEN HIGHER EXTENDING UPWARD MOMENTUM ON WALL STRET GAINS

12 Jul 2013 11:19

KUALA LUMPUR, July 12 (Bernama) -- Share prices on Bursa Malaysia opened higher in early trading today, extending upward momentum as sentiments were boosted by Wall Street's overnight gains, dealers said.

At 9 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) opened at 1,785.0, up 3.85 points, and rose 11.54 points to 1,785.92 after nine minutes of trading.

Market breadth was positive, with 168 gainers and 52 losers, while 135 counters were unchanged, 1,221 untraded and 16 others suspended.

Turnover stood at 62.79 million shares worth RM46.69 million.

HwangDBS Vickers Research said Wall Street resumed its rally last night with key US stock indices jumping between 1.1 per cent and 1.6 per cent to attain new highs at the closing bell.

"Our Malaysian bourse could ride on the momentum to chalk up further gains today," the research house said.

On the chart, the benchmark FBM KLCI may challenge to overcome the first resistance level of 1,785 ahead, it said.

Meanwhile, the Plantation Index rose 20.17 points to 8,450.88, the Industrial Index gained 22.69 points to 3,027.41, the Finance Index rose 7.33 points to 16,973.7 and the FBM Emas Index garnered 33.48 points to 12,424.57.

The FBM 70 Index garnered 23.36 points to 14,219.11 and the FBM ACE Index rose 12.56 points to 4,776.44.

Among actives, Pantech rose three sen to RM1.03, Ekowood added 2.5 sen to 23 sen and Luster gained half sen to 10.5 sen.

As for heavyweights, Maybank and Axiata were flat at RM10.44 and RM6.80, respectively, while CIMB earned two sen to RM8.30.

-- BERNAMA

MI MI TOM