KUALA LUMPUR: The rally on the domestic market continued as Wall Street recorded a second day of strong gains overnight.
A weaker US job report and falling Treasury yields gave investors the catalyst to claw back some of the sharp losses experienced in September amid what analysts say is an oversold market.
At 9.10am, the FBM KLCI was up 7.94 points to 1,417.3. Market breadth was positive with 282 gainers compared with 79 decliners.
Trading volume was 348.84 million shares valued at RM89.64mil.
"We believe the local bourse may set for further recovery on the back of stronger oil price, coupled with bargain hunting activities ahead of the tabling of Budget 2023," said Malacca Securities Research in its daily outlook.
It added that the buying momentum in telecommunications solar-related and selected consumer stocks are likely to sustain over the week headed into the tabling of the Budget.
FInancial heavyweights were seen continuing their rally with Maybank rising three sen to RM8.71, Public Bank adding four sen to RM4.31, CIMB growing seven sen to RM5.30 and RHB climbing three sen to RM5.69.
Press Metal jumped 13 sen to RM4.13 while PETRONAS Chemicals rose five sen to RM8.44 and PETRONAS Gas added six sen to RM16.62.
Energy stocks meanwhile surged on an overnight surge in crude oil prices to return above the US$90 a barrel level and hover near US$92 a barrel at the time of writing.
The Bursa Malaysia Energy Index continued the previous day's rally to leap over 3%. Top sector gainers included Hibiscus Petroleum up eight sen to 95 sen and Velesto rising 0.5 sen to 12.5 sen, both of which were among the top traded counters in early trade.