Bursa Malaysia Moves Positive Towards 2024

<p>&nbsp;This morning, Bursa Malaysia opened higher on the last trading day of 2023 due to ongoing account stabilization activities and predictions of an early interest rate cut in the United States (US) in March next year.</p><p><br /></p><p>At exactly 9.05am, the FTSE Bursa Malaysia (FBM KLCI) rose by 0.47 points to 1,457.88 from 1,457.41 when it closed yesterday.</p><p><br /></p><p>Looking at market sentiment, losers outnumbered gainers by 122 to 105 while 238 counters remained unchanged. A total of 1,795 counters were not traded and another 45 were suspended.</p><p><br /></p><p>Total trading revenue was worth RM58.46 million with 258.59 million units traded.</p><p><br /></p><p>Malacca Securities Sdn. Bhd. said it expected as many as three interest rate cuts in the US next year with one of them in March. The forecast will continue to support the overall market situation in the United States and provide positive sentiment for the local stock market to enjoy.</p><p><br /></p><p><br /></p><p>He also said that following the positive economic movement in the US, there will be support in purchases in the technology sector. Based on yesterday's buying flow, several sectors traded higher, namely renewable energy, construction and selected consumer stocks.</p><p><br /></p><p>Among heavyweight counters, Maybank and Public Bank were unchanged at RM8.91 and RM4.28 respectively. Meanwhile, CIMB and Tenaga Nasional declined one cent to RM5.83 and RM9.99 respectively. Petronas Chemicals rose one cent to RM7.22.</p><p><br /></p><p>On the index board, the FBM Emas Index rose 4.35 points to 10,847.97, the FBMT 100 Index rose 4.80 points to 10,507.87, the FBM Emas Syariah Index increased 6.81 points to 11,030.55 and the FBM 70 Index added 12.33 points to 14,639.47.</p><p><br /></p><p>However, the FBM ACE Index fell 19.48 points to 5,252.27.</p><p><br /></p><p>By sector, the Industrial Products and Services Index rose 0.18 to 173.05, the Energy Index rose 1.15 points to 821.12 and the Real Estate Index gained 1.17 points to 865.33.</p>