KUALA LUMPUR: The FBM KLCI started mildly positive after the previous day's profit-taking activity as US economic data eased fears over inflation pressure.
Wall Street's positive performance overnight lent further optimism to the equities rally, which remained driven by investor confidence in tech and AI-related earnings.
Apex Securities said Malaysia's benchmark index could move modestly higher over the near term on continued strength in oil-linked and defensive counters. However, the research firm added that gains are likely to stay anrrow and rotation-driven rather than broad-based until there's clearer stabilisation in regional tech sentiment and the Middle East situation.
"We'd stay cautiously positive, but avoid chasing strength, given the string of event risks including this week's bank and tech earnings," it said in a note.
Apex remained bullish on technology and plantation stocks, the latter of which were supported by strong crude palm oil prices and defensive positioning.
"Conversely, industrial products and utilities could stay under pressure following recent profit-taking, while energy-related counters may see continued softness after yesterday's pullback despite elevated oil prices."
At 9.07am, the FBM KLCI was trading 3.97 points higher at 1,717.23 as investors returned to the blue chips after the previous day's selling.
PETRONAS Chemicals rose eight sen to RM4.66 amid oil prices that remained elevated at around US$85 a barrel.
MISC gained seven sen to RM8.09 and SD Guthrie rose six sen to RM6.68.
Among the most active counters, Tanco continued to see heavy investor interest, rising one sen to 32.5 sen.HHRG was down 0.5 sen to 16 sen and Nationgate gained three sen to RM1.
