KUALA LUMPUR: The domestic market surged in morning trade following the release of US inflation data that showed price increases had tapered in July.
At 9.05am, the FBM KLCI was up 10.38 points to 1,502.71 as investors bet the US Federal Reserve will slow the rate of interest rate increases following the result.
On the broader market, there were 250 gainers compared with 67 decliners. Trading volume was 156.07 million shares valued at RM60.21mil.
"Investors should expect a lower scale of interest rate hikes moving forward from the Feds. Hence, it provides a decent window of opportunity to at least trade until the next CPI which will be in 13th September," said Malacca Securities Research in a report.
"Following the overnight gapped up move on Wall Street, we believe the broader market should trade in a positive-biased mode lead by the technology
sector," it added.
Among blue chips on BUrsa, Maybank rose five sen to RM8.95, Public Bank bank gained three sen to RM4.66, CIMB added three sen to RM5.33 and Hong Leong Bank climbed 14 sen to RM20.84.
PETRONAS Chemicals jumped 13 sen to RM8.85, Press Metal rose 13 sen to RM4.83 and PETRONAS Gas added four sen to RM17.12.
IN the technology sector, MPI rose 98 sen to RM31.80, Vitrox gained 18 sne to RM7.50 and D&O rose 15 sen to RM4.05.
Of actives, G3 was unchanged at 3.5 sen, Sapura Energy flat at five sen and Cypark up two sen to 46.5 sen.