Bursa Malaysia gains amid heightened caution over US elections, FOMC meeting
Monday, November 04, 2024       08:33 WIB

KUALA LUMPUR: Malaysia stock benchmark rose on Monday even as investors waited on tentherhooks for the US presidential election to take place this week.
At the start of trading, the FBM KLCI rose 3.77 points to 1,607.75, tracking the positive close on Wall Street last Friday.
"This week, we anticipate a volatile market environment ahead of the US presidential election and the Federal Open Market Committee meeting," said Malacca Securities Research in a note.
However, the research firm said the weaker ringgit at RM4.375 to the dollar could lift sentiment in export-oriented sectors such as gloves and technology.
"Additionally, the plantation sector is likely to trend positively in line with the CPO price rally, while the O&G sector could benefit from the rebound in oil prices amid unresolved tensions in the Middle East.
"For defensive plays, we favour the Consumer sector, with companies like MR DIY and 99S Speedmart being attractive options," it added.
There was a jump in bank stocks in early trade, with CIMB rising 10 sen to RM8.05, Hong Leong Bank gaining 12 sen to RM20.32, Maybanking rising eight sen to RM10.48 and RHB adding three sen to RM6.42.
Utilities were also improved with Tenanga Nasional climbing 12 sen to RM14.02 and YTL Power rising six sen to RM3.25.
Of actives, Cape EMS jumped 2.5 sen to 33.5 sen, Sorenta rose two sen to 39.5 sen and Alpha was unchanged at 35 sen.

Sumber : thestar.com.my