KUALA LUMPUR: Bursa Malaysia was spurred on by the strong overnight rally on Wall Street as comments by US Federal Reserve chair Jerome Powell soothed markets fearful of more aggressive monetary tightening measures.
However, lingering worries over global growth should keep gains in check, said TA Securities in its market outlook.
"Immediate index resistance will be near 1,480, with the 1,500 psychological level, 1,520 and 1,540 acting as tougher upside hurdles.
"Immediate support is at 1,430, with the recent low of 1,408 as key support to prevent further selloff to next crucial support at 1,394, the 38.2%FR level.
"The next critical support below will be 1,323, which is the 23.6%FR level," it said.
At 9.05am, the FBM KLCI was up 3.05 points to 1,473.76. The market breadth was positive with 232 gainers compared with 72 decliners.
Trading volume was 137.56 million shares valued at RM70.06mil.
Leading gainers among the blue chips included Public Bank up four sen to RM4.64, PETRONAS Chemicals rising seven sen to RM8.71 and MISC up 13 sen to RM7.29.
Technology stocks soared following the Nasdaq's 4.1% jump in overnight trading.
MPI rose 80 sen to RM31.70, Vitrox gained 27 sen to RM7.67 and D&O climbed six sen to RM4.02.
TOp actives were Bintai Kinden
up 0.5 sne to 12.5 sen, DNeX adding 1.5 sen to 80 sen and Technax adding 0.5 sen to 4.5 sen.
