Bursa starts strong as global stocks rally

KUALA LUMPUR: The domestic market continued its rally in the wake of growing positive sentiment in global markets.

Investor optimism over economic data in US markets spilled over into the Malaysian market, which is already buoyed by the scheduled reopening of borders on April 1.

At 9.05am, the FBM KLCI was up 3.2 points to 1,602.17.

According to Malacca Securities Research, there continues to be a push in the recovery-themed stocks given the ongoing return to normalcy in the country.

"We believe the reopening of travel borders in April should revive the economic sectors in Malaysia and benefit the recovery-themed stocks.

"Nevertheless, sentiment may remain cautious amid the unresolved geopolitical tensions between Russia and Ukraine," it said in a report.

On the blue-chip index, CIMB was up five sen to RM6.17, while Public Bank dipped one sen to RM4.64 and Maybank was unchanged at RM8.98.

Kuala Lumpur Kepong gained 14 sen to RM25.60, Sime Darby Plantation climbed nine sen to RM5.14 and IOI was flat at RM4.15.

Petronas Gas rose six sen to RM16.90 while Petronas Chemicals dipped three sen to RM9.59.

Technology stocks rallied further on the back of yet another strong session on the Nasdaq. MPI rose RM1.20 to RM38.70, Vitrox gained 21 sen to RM8.23 and D&O rose 16 sen to RM4.86.

Among actives, DNeX rose three sne to RM1.07, Velesto slid 0.5 sen to 10.5 sen and Opcom was up 1.5 sen to 81 sen.