Bursa Malaysia ended higher at midday on broad based buying interest with utility counters doing especially well.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 4.62 points, or 0.29 per cent, to 1,611.58 from Tuesday’s close of 1,606.96.
The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,615.15 during the morning session.
The broader market is positive with gainers led losers by 611 to 352, while 517 unchanged and 917 untraded.
Malacca Securities anticipates the upward momentum to sustain with the start of the window-dressing period as the earnings season concludes.
“With higher crude palm oil prices and strong earnings from plantation stocks, we foresee trading opportunities in the plantation sector.
“We anticipate the US dollar could strengthen further following the robust jobs data, which may benefit export-oriented stocks, such as technology and gloves.
“Also, we like selected industrial products, shipping and building material stocks, the latter of which may benefit as data center investment may materialise into earnings,” it added.
Source: NST
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