Bursa Malaysia rises on strong US rally
KUALA LUMPUR: Sentiment on Bursa Malaysia picked up as better-than-expected corporate earnings in the US sparked a rally on Walls Street overnight.
At 9.05am, the FBM KLCI was up 1.86 point to 1,430.62 as gains remains capped by fears of rising inflation.
Trading volume was 160.39 million valued at RM57.81mil.
The market breadth was positive with 218 gainers compared with 77 decliners.
"Following the strong rebound on Wall Street, we expect the technology sector to further rebound amid spillover buying interest on the local tech stocks.
"Meanwhile, we believe trading interest may emerge in the energy sector amid a strong rebound in crude oil price. Also, consumer, transportation and logistics sector may turn out to be the winner under the recovery theme," said Malacca Securities Research.,
Bank counters were seen picking up with Maybank rising three sen to RM8.59, Public Bank adding one sen to R4.41 although Hong Leong Bank fell eight sen to RM20.
PETRONAS Chemicals gained seven sen to RM8.37 while PETRONAS Gas declined eight sen to RM16.44.
Bursa Malaysia's technology index jumped 2.1% to 61.25 following the Nasdaq's rally of more than 3% overnight.
MPI rose 90 sen to RM29.90, Pentamaster gained 10 sne to RM3.72, D&O climbed six sen to RM3.86 and Inari added five sen to RM2.66.
Of actives, MMAG was unchanged at five sen, Metronic rose 0.5 sen to nine sen and AHB gained 0.5 sen to 14.5 sen.