KUALA LUMPUR: The extended momentum in global markets and return of foreign buying interest are expected to offer more lift to domestic equities.
The benchmark FBM KLCI opened 2.21 points higher at 1,591.80, as ongoing interest in equities bolstered the index to a fresh two-year high.
There were renewed hopes of a deeper US interest rate cuts this year following the release of weaker-than-expected jobs data last Friday. Meanwhile, technology stocks were also boosted by Apple Inc's results and share buyback.
"Given the positive rebound on Wall Street supported by the better-than-expected results from selected tech giants, the buying interest may sustain over the near term within the Technology sector," said Malacca Securities Research in a note.
"Also, we like the utilities sector as the data centre investment should boost electricity demand going forward.
"Besides, we favour the construction, property, solar and building material segments with the catalyst like the potential revival of mega infra projects and the ongoing execution of the NETR and NIMP masterplans."
The research firm said traders could be monitoring unemployment claims and consumer sentiment over the coming week.
Meanwhile, Malaysia's blue chips were lead higher by continued interest in energy and utility counters.
YTL Power rose five sen to RM4.84 and YTL Corp gained five sen to RM3.32 while Tenaga Nasional added six sen to RM12.38.
Bank stocks were also higher led by Maybank up three sen to RM9.83, Hong Leong Bank gaining four sen to RM19.38, CIMB rising three sen to RM6.68 and Public Bank putting on two sen to RM4.14.
Sumber : thestar.com.my
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