KUALA LUMPUR: Following the strong rebound in the previous sessions, the local stock market is expected to continue ramping higher ahead of the upcoming Budget 2024.
"We expect the positive local catalyst to support the overall market's conditions at least for the near- to mid-term," said Malacca Securities Research.
The research firm noted also that global traders had reacted positive to the dovish comments from the US Federal Reserve and China's announcement of another round of stimulus measures to support the economy.
"Safe-haven assets such as gold-related stocks and energy related stocks may be favourable amid the ongoing geopolitical tension environment.
"Meanwhile, buying interest may be seen within the construction, property, building material as well as the utilities sectors ahead of the Budget 2024.
"We like the renewable energy sector as government may push out certain initiatives under the NETR blueprint," it added.
At the start of Wednesday trading, the benchmark FBM KLCI was down 0.42 points to 1,434.75 on mild profit-taking activities.
The blue-chip counters mostly held on to their gains although there was some selling seen in Nestle, down RM1.40 to RM125.10, IHH sliding four sen to RM5.84 and CelcomDigi dropping three sen to RM4.30.
Waja Konsortium, which announced it had fallen into Guidance Note 3 status, was down two sen to six sen. QL Resources shed four sen to RM5.43 and CDB slid three sen to RM4.30.
Gainers included Itmax, which jumped nine sen to RM1.89 after having secured a RM79.6mil contract from the Pasir Gudang City Council in Johor for a systems set-up.
Top actives were Sapura Energy
unchanged at five sen, KNM flat at 12 sen and UEM Sunrise up one sen to 88 sen.
