KUALA LUMPUR: The blue-chip rally on Bursa Malaysia remains supported by optimistic economic data although profit-taking is keeping the broader market in a consolidation phase.
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At the opening bell, the benchmark FBM KLCI was up 1.07 points to 1,425.76, which puts it in good stead to extend its gains for a fourth straight session.
According to Malacca Securities Research, the ongoing moderation in the country’s inflation has provided near-term impetus to the local bourse, even though the lower liners remain subdued on a healthy bout of profit-taking due to the overbought conditions.
“Still, we expect the lower liners could play catch-up with the recovery move after the consolidation phase,” said the research firm.
It added that the release of US corporate earnings remains carefully watched by investors.
Among the key heavyweights leading the FBM KLCI higher, Maybank rose five sen to RM8.97 to hit a fresh 10-month high.
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Other banks were also on a rise, including CIMB up three sen to RM5.38 and Hong Leong Bank climbing four sen to RM18.98.
Press Metal added four sen to RM4.85, MISC gained four sen to RM7.17 and Kuala Lumpur Kepong climbed 12 sen to RM23.44.
Meanwhile, Asia Brands saw a surge of buying interest, rising 6.5 sen to 57 sen in active trade.
Top traded counters were Classita up 0.5 sen to 15.5 sen, MBN soaring 7.5 sen to 28.5 sen and Velesto adding 0.5 sen to 23.5 sen.
– The Star