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.
