KUALA LUMPUR: The FBM KLCI bounced slightly higher amid an uptick in investor sentiment after Anthropic filed for an initial public offering in the US, spurring interest in AI plays.
There will be a raft of AI- and tech-related earnings, including Samsung and SK Hynix in South Korea, and Microsoft, Alphabet and Amazon in the US.
Also in focus this week is the US Federal Reserve's policy meeting, scheduled for the mid-week, with the market expecting the central bank to keep rates on hold.
At 9.10am, Malaysia's main index was up 7.04 points to 1,611.40, erasing the previous session's loss.
Bank shares led the rally, with Maybank rising
six sen to RM10.04, Hong Leong Bank gaining 18 sen to RM21.38 and CIMB climbing six sen to RM7.16.
Leading actives on the market included Astro
down 0.5 sne to five sen, Axteria rising 2.5 sen to 22 sen and Dataprep flat at 4.5 sen.
"Barring a renewed escalation in the Middle East, we expect the FBM KLCI to find some support from the improved global risk tone, with easing oil prices offering relief even as Monday’s heavyweight-led losses in utilities and banking keep the index cautious near-term," said Apex Securities in a note.
The research firm said local technology stocks should stay in focus after Anthropic’s IPO filing reignited the global AI trade and lifted chip stocks on Wall Street.
Energy may see its momentum tested as oil eased from last week’s highs on hopes of de-escalating Iran tensions. Utilities and Financial Services bear watching for follow-through weakness after heavyweight selling dragged the broader index lower.
