KUALA LUMPUR: Tracking optimism in US markets, Bursa Malaysia extended its rally as investors grew more comfortable with the US Federal Reserve's interest rate hike plan.
Meanwhile regional sentiment was also lifted by reports that authorities from the US and China plan to work more closely together on US-listed Chinese stocks, which have come under pressure of late under new audit requirements by Wall Street regulators
"We expect investors may continue the bargain hunting mode given the extended gains on Wall Street.
"Nevertheless, traders should remain cautious given the geopolitical risk between Ukraine and Russia still persists," said Malacca Securities Research.
At 9.05am, the FBM KLCI was up 1.57 point to 1,592.45, a modest rally as some investors realised profits after two days of strong gains.
Banks however remained mostly bullish as the higher interest rate environment is seen to support earnings margins.
Maybank gained three sen to RM9.01, and Hong Leong Bank rose 10 sen to RM20.74 although Public Bank dipped two sen to RM4.61 and CIMB shed eight sen to RM5.40.
Technology counters also saw some profit-taking after the previous session's rally.
MPI dropped 68 sen to RM34.52, Vitrox slid 20 sne to RM32.20, Inari dipped 10 sen to RM3.02 and Pentamaster shed eight sen to RM3.63.
OIl and gas counters remained among the most actively traded stocks as Brent crude futures remain at multi-year highs after bouncing back above US$100 a barrel overnight to US$106.64 a barrel.
Hibiscus Petroleum rose five sen to RM1.15 while Bumi Armada
gained 0.5 sen to 42 sen.
Meanwhile regional sentiment was also lifted by reports that authorities from the US and China plan to work more closely together on US-listed Chinese stocks, which have come under pressure of late under new audit requirements by Wall Street regulators
"We expect investors may continue the bargain hunting mode given the extended gains on Wall Street.
"Nevertheless, traders should remain cautious given the geopolitical risk between Ukraine and Russia still persists," said Malacca Securities Research.
At 9.05am, the FBM KLCI was up 1.57 point to 1,592.45, a modest rally as some investors realised profits after two days of strong gains.
Banks however remained mostly bullish as the higher interest rate environment is seen to support earnings margins.
Maybank gained three sen to RM9.01, and Hong Leong Bank rose 10 sen to RM20.74 although Public Bank dipped two sen to RM4.61 and CIMB shed eight sen to RM5.40.
Technology counters also saw some profit-taking after the previous session's rally.
MPI dropped 68 sen to RM34.52, Vitrox slid 20 sne to RM32.20, Inari dipped 10 sen to RM3.02 and Pentamaster shed eight sen to RM3.63.
OIl and gas counters remained among the most actively traded stocks as Brent crude futures remain at multi-year highs after bouncing back above US$100 a barrel overnight to US$106.64 a barrel.
Hibiscus Petroleum rose five sen to RM1.15 while Bumi Armada
gained 0.5 sen to 42 sen.
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