KUALA LUMPUR: The rally on Bursa Malaysia is set to continue as another record performance on Wall Street fuels global equities, espcially in the tech sector where strong earnings have alleviated concerns of capex overspending.
The gains on the domestic market, however, remained reserved. At the opening bell, the FBM KLCI rose 3.7 points to 1,736.36, a meagre increase compared to other Asian markets.
Among the early-opening markets, Japan's Nikkei rose nearly 3% to 65,859 while in South Korea, the Kospi jumped 3.9% to 6,609.
A sharp fall in Brent crude futures to below US$80 a barrel, their lowest since July 13, helped to fuel the global rally.
Growing optimism over the US-Iran negotiations are raising hopes of a reopening of the Strait of Hormuz, easing near-term oil supply concerns, said Apex Securities in its market outlook.
"Barring any significant deterioration in geopolitical conditions, we expect the local market to maintain its positive momentum," it added.
The blue chips leading the FBM KLCI higher included Nestle rising RM1.40 to RM103.20, Kuala Lumpur Kepong gaining 18 sen to RM21.50 and PETRONAS Gas rising 18 sen to RM17.56.
Of actives, Nationgate rose 10 sen to RM1.39, Inari Amertron
climbed 11 sen ot RM2.32 and EG Industries shed nine sen to RM1.71.
