KUALA LUMPUR: As the US equities market extended its rally for another day, Bursa Malaysia is expected to follow suit with the positive momentum shoring up equities prices in light of the Federal Reserve’s dovish signal on interest rates.
According to Apex Securities Research, a series of China economic data will be in focus including industrial production, retail sales and unemployment.
“We believe the technology sector may spearhead gains today, drawing inspiration from the spillover sentiment and the decline in US treasury yields to below 4.0%.
“Additionally, we anticipate increased buying activity in the energy sector due to recovery in oil prices,” it said.
Glove stocks, however, could see some profit-taking after a two-day rally, it added.
At the opening bell, the FBM KLCI retreated a marginal 0.36 points as investors digested the recent gains despite expectations that positive momentum will soon resume.
Bank stocks include Maybank up two sen to RM9.07, Public Bank rising two sen to RM4.32, CIMB gaining one sen to RM5.82 and Hong Leong Bank adding two sen to RM19.40.
IHH slipped four sen to RM5.92 while Sime Darby Plantation dipped two sen to RM4.52 and Maxis shed two sen to RM3.79.
Meanwhile, on the broader market MAHB jumped 11 sen to RM7.39, Yinson surged seven sen to RM2.57 and Ranhill climbed four sen to 92 sen.
Top actives included Bina Puri at 9.5 sen, Saudee at three sen and Handal at 12 sen, all unchanged from their reference price.