Rally continues as risk appetite grows
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KUALA LUMPUR: The rally on Bursa Malaysia continued as investor sentiment was spurred on by buying on Wall Street overnight amid growing investor appetite for riskier assets.
At 9.05am, the FBM KLCI was up 5.51 points to 1,442.40. There was buying interest across the market with 151 gainers compared with 70 decliners.
Trading volume was 190.84 million shares valued at RM39.5mil.
An announcement by Netflix that it had lost fewer subscribers than initially forecast in the recent quarter helped to propel the technology sector higher, leading to a 1.6% jump on the tech-heavy Nasdaq.
US investors had been ready to spring on bargain stocks as the start of the corporate earnings season yielded better-than-expected results, suggesting that fears of a recession were overblown.
"The technology sector should see further improvement in trading activities after another positive session in Nasdaq following the release of earnings reports from several corporates," said Malacca Securities Research.
It noted also that energy stocks, which have declined in recent days on retreating crude oil prices, should spring back as Brent crude stabilised along the US$106 level.,
"Technical indicators are on a recovery tone. The MACD Indicator has extended another positive bar, while the RSI is recovering towards 50.
"Resistance is located at 1,460-1,480, while the support is set along 1400-1,420," said the research firm.
As concerns over a global economic slowdown ease, bank stocks were among the first to retrace higher.
Maybank rose seven sen to M8.67, Public Bank gained one sen to RM4.44, CIMB added dour sen to RM5.13, RHB rose four sen to RM5.76 and Hong Leong Bank added eight sen to RM20.16.
PETRONAS Chemicals continued to gains as crude oil prices steadied, rising five sen to RM8.60.
In tech stocks, Pentamaster rose three sen to RM3.76, Greatech Technologies added five sen to Rm3.68, and Frontken gained four sen to RM2.44.
Top actives included MMAG flat at five sen, MQTech unchanged at 3.5 sen and Bintai Kinden unmoved from 12 sen.