KUALA LUMPUR: The FBM KLCI extended its rally on yet another record-charting session on Wall Street overnight as a downward revision to US jobs figures cemented chances for the Federal Reserve to adopt a more dovish stance in September.
At the open, the FBM KLCI was up 1.23 points to 1,588.04, inching higher on the back of improved sentiment for equities.
The spillover effect of the US rally helped to put the Malaysian market on course for a third straight day of gains, with some analysts expecting the benchmark FBM KLCI to arrive at the 1,600 psychological level in the near future.
Rakuten Trade noted that the local market closed in positive territory despite the share prices of Maxis and MISC being adjusted lower for ex-dividend, pointing towards a firm market undertone.
"Hence, we believe the benchmark index will re-test the 1,600 level anytime soon. For today, we expect the index to hover between the 1,585-1,600 range," it said in a report.
Taking a more cautious stance, TA Securities said separately it expects the local market to stay in consolidation mode with a downside bias as the market anticipates key US inflation data this week that could affect the Federal Reserve's interest rate outlook.
The research firm said investors have adopted a cautious stance, evidenced by the slight gain yesterday, amid a data-heavy week and the absence of fresh domestic catalysts.
On the FBM KLCI, Tenaga Nasional rose six sen to RM13.16, PETRONAS Gas gained six sen to RM18.66 and QL Resources climbed five sen to RM4.27.
Top actives on the market included Classita up 1.5 sen to 10 sen, NexG gaining 0.5 sen to 49 sen and Pharmaniaga
adding 0.5 sen to 22 sen.
