Market optimism continues ahead of peak corporate earnings period
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KUALA LUMPUR: The positive momentum on Bursa Malaysia continued, buoyed by a positive Wall Street performance on Friday as well as better-than-expected economic growth.
"Given the key index is staying above the 1,500 level, the local bourse may see more upward movement driven by optimism ahead of the upcoming reporting season, in view of the better-than-expected Malaysia GDP data," said Malacca Securities Research in a report.
The research firm expects defensive stocks such as selected banking, consumer and REIT counters to record buying interest in expectation of solid earnings results.
At 9.05am, the FBM KLCI was up 2.79 points to 1508.98.
There were 171 gainers compared with 92 decliners. Trading volume was 107.3 million shares valued at RM56.68mil.
Most bank stocks remained buoyed by the positive gross domestic product result. Maybank was up two sen to RM8.99 and Public Bank rose one sne to RM4.66.,
Hong Leong Bank was unchanged while CIMB dipped one sen to RM8.62.
Ahead of its expected earnings announcement later this week, MISC was up seven sen to RM7.27.
Technology stocks were set for another bullish day after the Nasdaq's strong performance on Friday.
MPI rose 24 sen to RM32.38, Unisem added six sen to RM3.07 and Genetec gained six sen to RM2.58.
Glove counters however remained under pressure with Top Glove falling 1.5 sen to 84 sen and Hartalega sliding four sen to RM1.96.
Top actives were Sapura Energy unchanged at 5.5 sen, ARBB up 1.5 sen to 13.5 sen and Awantec gaining 2.5 sen to 42 sen.