KUALA LUMPUR: There could yet be more upsides on the local bourse as there remains no sign of a pullback at this juncture, said Apex Securities Research.
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The research firm said it expects the lower liners to further consolidate with quick profit-taking as well as as mild bargain-hunting emerging to support any downside.
“Investors will be kept busy with mega-cap technology giants such as Microsoft, Alphabet, Apple, Amazon and Meta Platforms scheduled to release their quarterly earnings later this week.
“Economic wise, the advance reading of Eurozone’s 4Q23 GDP data will be monitored today,” it added in a note.
Malacca Securities Research, meanwhile, said in its review the FBM KLCI closed above the 1,500 psychological level with “high conviction” price action.
However, it believes the overall sentiment could turn negative for the near term, which would lead to profit-taking on the local front, as the Hong Kong court orders the liquidation of China’s Evergrande Group.
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At the open, the FBM KLCI opened 2.36 points higher at 1,517.75, which could the index to a seven-day winning streak.
There was strong buying activity in MISC, up four sen to RM7.37, PPB gaining eight sen to RM14.80, YTL Power rising eight sen to RM4.03 and CelcomDigi climbing four sen to RM4.27.
Technology stocks were also on the rise following the Nasdaq’s positive performance with Pentamaster gaining seven sen to RM4.36 and Vitrox adding eight sen to RM6.93
The leading actives were market debutant HE Group, soaring 14.5 sen to 42.5 sen, TWL unchanged at four sen and YNH Property losing 9.5 sen to 75 sen.
– TheStar