Bursa stays bullish after three straight days of gains

KUALA LUMPUR: Malaysia's benchmark index maintained a bullish momentum to open higher after three straight days of gains as Wall Street rallied overnight amid easing concerns over the stability of the banking sector and quarter-end rebalancing activities.

At the start of trading, the FBM KLCI was up 0.18 points to 1,424,79, a marginal gain as profit-taking from the recent gains blunted the rally.

Underlying the daily market movement is heightened caution given the uncertainty over the US Federal Reserve's next interest rate decision.

On the domestic front however, there could be further upside from Prime Minister Datuk Sri Anwar Ibrahim's visit to China, which could result in further investments.

"Technical indicators remained positive with the MACD Histogram extended a positive bar, while the RSI is approaching 50. Resistance is set along 1,445-1,450, while the support is located at 1,400-1,410," said the research house in its technical review.

Leading blue chips on the FBM KLCI included CelcomDigi up three sen to RM4.33, Maxis adding three sen to RM4.13 and Tenaga Nasional rising five sen to RM9.23.

There was also some positive movement in technology counters given the Nasdaq's steady ascent past the 12,000-point mark this week.

Bursa Malaysia's Technology Index climbed 1% to 62.72, putting it on track for a third straight day of gains.

In the sector, D&O rose 10 sen to RM4.34, UWC gained four sen to Rm3.45 and Greatech added two sen to RM4.93.

Of actives, MYEG jumped 4.5 sen to 77.5 sen, Saudee dropped 0.5 sen to 3.5 sen and Pesona gained two sen to 27.5 sen.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Yinson unit enters call option to acquire Netherland-based AFPS
Bursa Malaysia applauds PLCs embracing board gender diversity
Rex Industry to decommission Bukit Minyak factory
Tech shares see biggest-ever weekly inflow on AI boom-BofA
Ringgit higher against US$, regional peers
Gold heads for best week since April on Fed pause bets
Late recovery lifts Bursa Malaysia off intraday low
Bumi Armada assessing solutions to Kraken FPSO shut-in
Rehda: Govt should be responsible for delivery of affordable housing
Lee Yeow Seng redesignated CEO of IOI Properties, Voon Tin Yow to retire on July 1

Others Also Read