KUALA LUMPUR: The upbeat momentum on Bursa Malaysia resumed on Tuesday as foreign funds continued to flow into the market on rising appetite for equities.
At the opening bell, the FBM KLCI crept 0.92 points higher to 1,583.58 with the previous day's top gainers YTL Corp and YTL Power staying on a growth path.
YTL Power, which has risen to record highs, added a further eight sne to RM4.87 while YTL Corp gained four sen to RM3.24.
CIMB climbed seven sen to RM6.68, Maybank added three sen to RM9.78 and QL Resources rose five sen to RM6.50.
Malacca Securities Research maintained a bullish view on the domestic market, with a technical reading indicating further upside following the FBM KLCI's crossing of the 1,580 mark.
"The resistance is envisaged around 1,595-1,600 and the support is set at 1,560-1,565," it said.
"With most of the indices charging towards fresh 52-week highs, we believe the overall sentiment will remain positive with healthy buying interest across the board," said the research firm.
There will also be a keen focus on Wall Street's performance as the corporate results period comes underway. Investors are awaiting evidence that corporate bottomlines remain intact despite the elevated borrowing costs, signalling a robust economy.
Major US indices rose overnight after Tesla cleared a key hurdle for self-driving software in China, while investors awaited the release of earnings from a slew of bellwether corporates in the week ahead.
The S&P 500 rose 0.32% to 5,116.17, while the Nasdaq Composite added 0.35% to 15,983.08. The Dow Jones Industrial Average added 146.43 points, or 0.38%, to end at 38,386.09.
