FBM KLCI gains as recovery continues


KUALA LUMPUR: Bursa Malaysia continued its recovery on Monday despite the ongoing volatility as global investors repositioned themselves for a persistent high interest rate environment.

At the opening bell, the FBM KLCI rose one point to 1,548.57, as it maintained a positive retracement for a fourth straight day.

Apex Securities Research, however, maintained that the downside may prevail over the interim although the improving local economic data could cushion the impact.

"Amidst the volatile market sentiment, we advocate investors to stay defensive whereby we continue to favour gold-related stocks that is riding onto higher gold prices.

"Elsewhere, the technology sector may languish in the red, potentially taking cue from the weakness on Nasdaq last Friday," said the research house in its market outlook.

Looking ahead, Apex said investors will be keeping a close tab onto the ongoing quarterly financial reporting season on Wall Street with more than half of the “Magnificent Seven” reporting their earnings this week.

Banks were seen rising on the recovery momentum including Maybank adding seven sen to RM9.72, CIMB gaining four sen to RM6.60, Public Bank climbing three sen to RMRM4.18 and AMMB putting on two sen to RM4.17.

Genting share rose three sen to RM4.48 and Genting Malaysia added three sen to RM2.61.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Bursa gives up early gains to end lower
Maybank’s white papers on net zero
Automation solutions to drive Genetec
Timely push for chip sector
S&P 500, Nasdaq poised for higher open as investors await inflation data
RF Acquisition II closes US$115mil IPO on Nasdaq
SC will develop framework on social exchange implementation
Genetec anticipates increasing demand for its automation solutions
Leon Fuat optimistic on long-term prospects
Maybank to launch white papers on net zero pathway for oil palm, power sectors

Others Also Read