Bursa Malaysia opened firmer today, crossing the 1,600 mark for the first time in six months, lifted by Wall Street’s strong rebound after US Fed Chair Jerome Powell signalled a possible September rate cut.
At 9.42am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 8.75 points or 0.5% to 1,605.57, from Friday’s close of 1,597.47. The benchmark index started the day 5.35 points higher at 1,602.82.
Market breadth was positive, with gainers leading losers 373 to 258, while 372 counters remained unchanged, 1,586 were untraded and 14 suspended. Turnover stood at 590.7 million shares worth RM355.59 million.
According to Malacca Securities, the upbeat sentiment is expected to boost the local market, particularly the technology sector.
“Traders may also focus on Pekat Group Bhd and Solarvest Holdings Bhd, given renewed interest in the solar segment following the government’s renewable energy push under initiatives such as the National Energy Transition Roadmap (NETR), the Cross-Border Renewable Energy Supply and Storage (CRESS) programme, and the large-scale solar (LSS) project,” it said.
The brokerage added that KJTS Group Bhd saw a flag formation breakout ahead of its quarterly results this week, benefiting from higher electricity tariffs and growing data centre demand in Johor.
Meanwhile, MN Holdings Bhd and UUE Holdings Bhd are seen as beneficiaries of Tenaga Nasional Bhd’s ongoing capital expenditure programme, expected to provide a healthy pipeline of contracts through year-end.
