According to Apex Securities Research, if there are no new negative developments, the upward momentum might last for another day.
The market, according to the research group, is still positive, but because this week is again truncated by holidays, there may be profit-taking in the lower lines.
Investors will continue to pay close attention to US business earnings reports on a worldwide scale. Investors will be watching the publication of Malaysia’s Producer Price Index data later today for economic updates.
“We favour oil seven petrol stocks in view of the extended gains in oil prices, while plantation stocks are also in better position to leverage onto the improved CPO prices that ticked above RM4,000/MT,” stated Apex.
The benchmark FBM KLCI was up 1.83 points to 1,508.11 at the beginning of trading.
With IHH up seven sen to RM6.15, CelcomDigi up two sen to RM4.27, IOI up two sen to RM3.99, and Telekom up three sen to RM5.96, blue-chip stocks were virtually all higher.
YTL Power dropped three sen to RM3.94 after investors cashed in on the previous surge.
KJTS, a newcomer to the market, dropped five sen to 45 sen, but it is still trading at a significant premium to the 27 sen per share it originally paid for in its IPO.
Mtec remained constant at 39 sen, Berjaya Land increased by two sen to 47.5 sen, and Mintec increased by 0.5 sen to 16 sen among the top active shares.
