Semiconductor, construction counters lead rally

KUALA LUMPUR: Malaysian semiconductor counters picked up in early morning trade following the sector's positive performance on Wall Street last week amid growing optimism over a sustained rebound.

In the opening minutes of trade, MPI rose 50 sen to RM40.50, KESM gained 34 sen to RM12.88 Vitrox added 20 sen to RM16.50, Pentamaster climbed 11 sen to RM6.08 and Unisem put on 10 sen to RM8.35.

Apart from the interest in technology counters, laggard counters such as property and construction are also expected to gain traction under the perception that they are recovering with the broader market, said Malacca Securities Research.

News of the Mass Rapid Transit 3 project being given the green light by the government spurred buying in construction stocks.

The Bursa Malaysia Construction sector gapped up at the open and notched a 2% gain.

Notable gainers were Gabungan AQRS rising 3.5 sen to 67.5 sen, Gamuda gaining 10 sen to RM3.68 and IJM climbing six sen to RM1.76

At 9.08am, the benchmark FBM KLCI was up 1.64 points to 1,586.99.

Leading heavyweights were on the rise, led by Maybank up five sen to RM8.30, Petronas Chemicals climbing seven sen to RM8.07 and Hong Leong Bank adding six sen to RM18.60.

Nevertheless, the gains are expected to be capped with the FBM KLCI trading along a sideways channel

"As some of the global markets are still off for public holiday, we expect the trading activities may tone down for the day and the FBM KLCI should hover below the 1,600 psychological level for the time being," said Malacca Securities.
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Bursa Malaysia , FBM KLCI , equities


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