KUALA LUMPUR: The stock buying on Bursa Malaysia intensified over the early session as traders shrugged off the earlier lethargy to capitalise on an earnings-driven push in valuations and sinking crude oil prices.
After a sluggish opening, the FBM KLCI shifted gears and rose 16.18 points to 1,748.84 into midday, not far off the intramorning high of 1,750.41.
There was a also a boader pick up in shares, with 635 issues advancing as compared to 423 declining. The turnover on the domestic market rose past two billion shares, changing hands for RM1.84bil.
Leading the rally, technology shares surged 2.91%, on the back of the Nasdaq's overnight push as traders put aside concerns firms may have overextended themselves in AI infrastructure spending.
There were Big Tech earnings surprises overnight from the likes of Caterpillar and Palantir, which gave traders some justification for the massive spending in the AI space.
The optimism trickled down into Asian markets, giving Malaysia's stock market - which has been creeping cautiously higher in recent days - a boost in buying momentum.
Local utilities gained 1.52%, while plantations jumped 1.24%. Financial services rose 0.49%, extending its climb for a fifth successive day on optimism over the global economy.
In line with the decline in crude oil prices, energy stocks dropped 0.39%.
Among the notable gainers on Bursa Malaysia, Vitrox rose 33 sne to RM9.08, while Pentmaster jumped 40 sne to RM5.69.
Kuala Lumpur Kepong gained 28 sen to RM21.60, Telekom climgbed 28 sen to RM8.05 and Nestle was up 60 sen to RM102.40.
Asian markets elsewhere were a field of green, led by a 4.1% gain in South Korea's Kospi to 6,619. The Nikkei followed suit with a 3.39% jump to 66,122.
In China, the Shanghai Composite index rose 1.34% to 3,874 while Hong Kong's Hang Seng added 0.11% to 25, 881.
