According to Apex Securities Research, despite the increased concern over the sell-off in several lower liners, another Wall Street record-charting performance is anticipated to boost confidence on the local exchange.
A rise in technology companies helped the Dow Jones and S&P 500 close at all-time highs overnight, ahead of the announcement of corporate earnings figures for the fourth quarter.
Apex stated this week that in addition to keeping an eye on US GDP statistics later in the week, investors on Bursa Malaysia are also keeping an eye on Bank Negara’s overnight policy rate decision.
“Considering the favourable perceptions the technology sector enjoys in the international marketplace, we remain confident about it.
“Meanwhile, investors may look into the construction and property sectors with the investment theme of HSR project and Johor SEZ,” the paper stated.
Following the decline seen in the previous week, the market opened higher for a third straight day on the benchmark FBM KLCI, which was up 1.47 points to 1,492.56 at the opening bell.
A number of the shares that were the target of heavy selling were deemed to be stabilising. These included YNH Property, which gained 45 sen to 44 sen, and Jentayu Sustainable, which increased 10 sen to 64.5 sen.
With 30.75 million shares completed, SCIB gained 0.5 sen to 44 sen, making it the most traded counter.
Among the blue chips, Maybank added two sen to RM9.03, MISC increased five sen to RM7.30, and CelcomDIgi increased three sen to RM4.26.
