KUALA LUMPUR (Jan 24): Bursa Malaysia was higher in early trade on Wednesday, with the key index surpassing the 1,500-point psychological level, as market sentiment remained intact, despite the weak overnight Wall Street performance, ahead of Bank Negara Malaysia's (BNM) overnight policy rate (OPR) decision. 

At 9.05am, the FBM KLCI had risen 4.74 points to 1,500.85, compared with Tuesday's close at 1,496.11.

The barometer index opened 1.05 points better at 1,497.16.

Market breadth was positive with advancers outpacing losers 171 to 116, while 236 counters were unchanged, 1,764 untraded, and 19 others suspended.

Turnover amounted to 179.32 million units worth RM77.47 million.

Apex Securities Bhd head of research Kenneth Leong said the KLCI formed another bullish candle on Tuesday, and the extended recovery is expected to remain in place, amid calmer market conditions, with the key index looking to take another jab towards the 1,500 psychological level.

He said investors will be keeping a close tab on BNM's monetary policy decision on Wednesday, in which the central bank is expected to keep the OPR unchanged.

Globally, the focus would be on the ongoing release of US quarterly corporate earnings results, he said.

“Further recovery may lift the key index towards the immediate resistance located at 1,504. Meanwhile, near-term support is pegged at 1,465,” he told Bernama.

Meanwhile, Public Investment Bank Bhd said the KLCI might trade within a tight range on Wednesday, after Wall Street's benchmark S&P 500 and the Nasdaq were flat overnight, as a mixed bag of earnings results from industry bellwethers threatened to douse a recent rally.

"The KLCI is anticipated to tread sideways around the 1,485 horizon, swaying with market sentiment. Support levels for the index are at 1,485, 1,455 and 1,430, while the resistance levels are at 1,515, 1,551 and 1,580," it said in a note on Wednesday.

Among the heavyweights, Public Bank Bhd added one sen to RM4.36 a share, CIMB Group Holdings Bhd at RM6.05, Petronas Chemicals Group Bhd at RM6.82 and IHH Healthcare Bhd at RM6.03 had bagged three sen each, CelcomDigi Bhd gained two sen to RM4.26, while Hong Leong Bank Bhd increased eight sen to RM19.20. 

However, Tenaga Nasional Bhd shed six sen to RM10.44, while Malayan Banking Bhd (Maybank) was flat at RM9.09. 

As for the actives, Widad Group Bhd at 20 sen and Handal Energy Bhd at 12.5 sen had added 1.5 sen each, YNH Property Bhd bagged four sen to 65 sen, Sarawak Consolidated Industries Bhd earned 2.5 sen to 46 sen, while Leform Bhd inched up half a sen to 20 sen.

On the index board, the FBM Emas Index was 32.07 points higher at 11,176.25, the FBM 70 Index increased 24.01 points to 15,149.73, the FBMT 100 Index rose 29.88 points to 10,831.92, the FBM Emas Shariah Index advanced 31.1 points to 11,269.95, and the FBM ACE Index gained 7.21 points to 4,861.09.

Sector-wise, the Financial Services Index garnered 28.27 points to 16,729.74, the Property Index bagged 4.75 points to 907.89, the Plantation Index went up 17.8 points to 7,173.6, the Energy Index edged up 2.67 points to 860.83, and the Industrial Products and Services Index added 0.42 of a point to 174.17.