Bursa extends rally as global momentum picks up

KUALA LUMPUR: The benchmark FBM KLCI is expected to extend its recent gains given the less hawkish meeting minutes released by the US Federal Reserve, with the lower liners also expected to tick midly higher due to calmer market conditions, said Apex Research.

Overnight, US stock markets recovered from their intraday losses to extend their rebound move, driven by the less hawkish tone set by US Federal Reserve officials in the latest Federal Open Market Committee (FOMC) minutes meeting.

The European stock markets edged lower, while Asia stock markets marched higher.

“Going forward, Malaysian investors likely to shift their heads towards the tabling of Budget 2024 on Friday.

“Coming closer, Malaysia’s industrial production and retail sales data will be kept watch closely, while US inflation rate tonight will provide further guidance onto the US Federal Reserve move,” said the research firm.

At the start of trading, Malaysia’s key index was up 1.47 points to 1,437.96 with most blue chips extending the rally.

Bank stocks remained bullish with Maybank gaining four sen to RM8.94, Public Bank rising two sen to RM4.17 and CIMB adding two sen to RM 5.62..

Tenaga Nasional climbed seven sen to RM10.06, Press Metal climbed six sen to RM4.83 and MISC added five sen to RM7.17.

On the broader market, APB was down 10 sen to RM2.12 after proposing to purchase Serba Dinamik‘s corporate building for RM38mil.

Top active stocks included Classita unchanged at 7.5 sen, SSF flat at 25 sen and Sapura Energy down 0.5 sen to five sen.