KUALA LUMPUR: The domestic market is extending the positive momentum as it remains energised by Wall Street's performance on the back of the ongoing release of US corporate earnings.
At the opening buzzer on Monday, the FBM KLCI scaled 1.14 points to 1,576.3, which marks a two-year high for the benchmark index.
According to analysts, the 1.6% year-on-year growth in the country's producer price index for March 2024, announced last week, also helped to maintain the bourse's positive momentum.
"We reckon the positive momentum may stay pat in absence of fresh negative developments at this juncture, whilst the local bourse is playing catch up with gains on Wall Street.
"The lower liners also remain fairly upbeat on the back of the rotational play," said Apex Securities Research in its market outlook.
Malacca Securities Research, meanwhile, said it expects the technology and telco sectors to play catch-up in view of the positive broader markets.
This is coupled with the KL20 summit catalyst, where Malaysia will be focusing on the technology ecosystem going forward.
"Also, we like the construction, property, utilities, solar and building material segments on the back of higher demand for renewable energy under NETR, while we expect decent recovery in the mega infra projects this year," said the research firm in a note.
Tacking on more gains after notable gains last Friday, YTL Corp rose seven sen to RM3.10 while YTL Power gained six sen to RM4.48.
QL Resources climbed four sen to RM6.48 and Genting adding three sen to RM4.52.
Top actives were TWL unchanged at three sen, Powerwell rising 3.5 sen sen to 48 sen and Capital A gaining 3.5 sen to 77 sen.
