KUALA LUMPUR (April 4): Bursa Malaysia opened higher on Thursday, supported by bargain-hunting activities especially for telecommunications, consumer products and services as well as financial services shares, following a mixed performance on Wall Street overnight.

At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.95 points to 1,538.96 from Wednesday’s close of 1,537.01.

The benchmark index opened 1.97 points better at 1,538.98.

On the broader market, gainers led decliners 193 to 128, with 278 counters unchanged, 1,719 untraded, and nine others suspended.

Turnover stood at 145.28 million units worth RM76.68 million.

Rakuten Trade Sdn Bhd head of research Kenny Yee said in a note that funds are likely to continue to shift into commodities, especially metals and energy, at the expense of equities.

The benchmark index is expected to hover within the 1,540-1,550 range on Thursday, he said.

On Wall Street’s performance, Yee said sentiment remains affected by the uncertainty over the timing of the US Federal Reserve’s interest rate adjustment.

The Dow Jones Industrial Average lost 43 points while the Nasdaq added 37 points as the US 10-year Treasury yield eased marginally to 4.35%.

Over in Hong Kong, the Hang Seng Index declined by 206 points, led by banking and property stocks, as hopes for a rate cut in the US were dampened.

Among the heavyweights, CelcomDigi Bhd advanced seven sen to RM4.32, Petronas Dagangan Bhd rose 36 sen to RM22.38, RHB Bank Bhd increased five sen to RM5.71, Sime Darby Bhd added two sen to RM2.71, and MR DIY Group (M) Bhd edged up one sen to RM1.49.

As for the most active stocks, Southern Score Builders Bhd gained one sen to 37 sen, Tanco Holdings Bhd perked up half-a-sen to 85.5 sen, Paos Holdings Bhd added six sen to 43.5 sen, and MAG Holdings Bhd was flat at 18.5 sen.

On the index board, the FBM Emas Index was 14.66 points higher at 11,599.43, the FBMT 100 Index garnered 14.16 points to 11,235.98, and the FBM Emas Shariah Index bagged 16.45 points to 11,730.28.

The FBM 70 Index improved by 20.17 points to 16,249.60, and the FBM ACE Index notched up 0.23 of-a-point to 4,954.98.

Sector-wise, the Financial Services Index climbed 18.72 points to 17,170.57, the Energy Index was 4.53 points firmer at 970.57, and the Plantation Index added 8.74 points to 7,319.90, while the Industrial Products and Services Index eased by 0.14 of-a-point to 179.77.