KUALA LUMPUR, May 5 — Bursa Malaysia resumed trading after a five-day break on a higher note, lifted by positive market sentiment following the United States Federal Reserves’ highly anticipated 50 basis points rate hike and likely less aggressive future hikes to combat inflation.
“As for today, we reckon the FBM KLCI to see continuous buying activities but may see some resistance at around the 1,605-1,610 range,” he told Bernama.“On another note, crude palm oil continues its rise as it closed at around RM7,700 per tonne, while crude prices spiked on news that Europe would ban imports of Russian oil with Brent crude settling at the US$110 per barrel level,” he said.
Of the actives, PUC Bhd and Bina Puri Holdings were flat each at 7.5 sen and five sen respectively, Hibiscus Petroleum increased four sen to RM1.31, Dynaciate Group improved half-a-sen to 14.5 sen while MN Holdings shed half-a-sen to 24 sen.