Bursa tracks Wall Street's record performance


KUALA LUMPUR: Bursa Malaysia was pulled ahead by a record-reaching performance on Wall Street overnight as strong economic data propelled the recovery story forward.

The FBM KLCI has been caught in a sideways channel in recent days given the lack of buying leads and downside pressure from political uncertainty and sold-down glove stocks.

At 9.03am, the key index was up 3.7 points to 1,587.94.

US investor sentiment rose as the services industry data reached its highest level on record in March, hot on the hells of a forecast-beating jobs report on Friday.

On the domestic end, recent announcements on the construction sector may continue to serve as upside catalysts.

"Given the resurfacing of the MRT3 and ECRL projects in the media, we expect the construction and property sectors to be under the limelight for the near term, not forgetting the proxy segment such as the cement and steel industries" said Malacca Securities Research.

Meanwhile, tech counters continued to rally on the market. MPI rose 78 sen to RM40.48, Vitrox gained 36 sen to RM16.66, Greatec jumped 26 sen to RM5.93 and UWC climbed 17 sen to RM6.54.

Among blue chips, Top Glove rose seven sen to RM4.75, Public Bank added one sen to RM7.97, Tenaga Nasional gained four sen to RM10.26 and Press Metal added two sen to RM10.06.

Top actives were Volcano surging 20 sen to 55 sen, Sapura Energy rising 0.5 sen to 15 sen and AT Systemization flat at nine sen.
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Bursa Malaysia , FBM KLCI , equities

   

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