Bursa maintains rally ahead of peak reporting season


KUALA LUMPUR: The domestic market continued its rally after the Wesak day holiday as investors looked forward to a raft of corporate earnings to be announced over the next two weeks.

At 9.05am, the FBM KLCI was up 7.65 points to 1,552.06. The overall market was positive with 189 gainers compared with 138 decliners.

Nevertheless, Malacca Securities Research said there could be headwinds ahead given the US Federal Reserve's efforts to rein in inflation.

"Given the persistent inflation worries, we believe the recent rebound could be short lived and we may anticipate selling pressure to emerge in the near term once the Fed’s quantitative tightening take place in June and this may affect the sentiment on the technology stocks," it said.

Petronas Chemicals jumped 38 sen to RM10.38 on the back of a steady increase in the price of Brent futures to above US$114 a barrel.

Among the lower liners, Hengyuan gained 32 sen to RM7.30 and Petron Malaysia climbed 25 sen to RM6.27.

The commodities market is poised for further gains as investors look forward to a reopening in China from the Covid lockdown, says Malacca Securities.

It added that the recovery-themed and plantation sectors could see bargain-hunting ahead of the reporting season.

Plantations stocks also rose with Sime Darby Plantation adding 10 sen to RM5.22, IOI rising five sen to RM4.37 and Kuala Lumpur Kepong gaining 90 sen to RM2.78.

In financial services, Maybank slid seven sen to RM8.89. Other banks were positive led by Public Bank up two sen to RM4.55 and CIMB gaining three sen to RM5.06.

Top actives were Sapura Energy up two sen to 6.5 sen, Serba Dinamik rising one sen to 13 sen and KNM gaining 0.5 sen to 18 sen.

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Bursa Malaysia , FBM KLCI , equities

   

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