KUALA LUMPUR (June 3): Bursa Malaysia continued its upward momentum at the opening today, as market sentiment was aided by the steady crude palm oil (CPO) and benchmark Brent oil prices, on the back of OPEC+ decision to gradually restore supply, said an analyst.
At 9.03am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.36 points, or 0.09 per cent, to 1,599.30 from 1,597.94 at Wednesday's close.
The index opened 1.14 points higher at 1,599.08.
Market breadth was positive with gainers leading losers 262 to 82, while 232 counters were unchanged, 1,566 untraded and 12 others suspended.
Total volume stood at 295.43 million units worth RM117.72 million.
Malacca Securities Sdn Bhd said the CPO price surged more than 5.0 per cent, while the Brent oil price stayed firmer above US$70 per barrel, as a group consisting of some of the world’s most powerful oil producers on Thursday decided to gradually curb existing output cuts beginning next month, amid stronger demand in view of the COVID-19 recovery.