KUALA LUMPUR: Bursa Malaysia opened on a positive note today, extending the rally from the previous session.
At 9.05am FTSE Bursa Malaysia (FBM) KLCI was up 1.28 points to 1,466.56 versus Monday's close of 1,465.28.
On the broader market however losers led gainers 240 to 233 with 342 counters unchanged.
Turnover was at 683.602 million shares valued at RM332.040 million.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI continued to trend higher with buying focused mainly on energy, banks, and commodity-related stocks.
Thong said the firm's view on the local stock market remains cautiously optimistic, driven by its enticing valuations, rising trading volume, and consistent support from foreign inflow, although we acknowledge the possibility of profit-taking activities.
"The benchmark index has once again testing the 1,465 resistance level. "Should the FBM KLCI be able to break and hold above the 1,465 resistance for an extended period, we anticipate additional upward potential. "We foresee the benchmark index trending within the range of 1,455-1,475 for the week, with the next resistance level at 1,500 and support at 1,450," he told the Business Times today.
Among the heavyweights, Public Bank Bnd was flat at RM4.35, CIMB Group Holdings Bhd increased two sen to RM5.96, Tenaga Nasional Bhd fell five sen to RM9.94,Petronas Chemicals Group Bhd edged fell four sen to RM7.19, while Malayan Banking Bhd rose 2 sen to RM9.02.
On the actives list, glove makers continued to make headway with Careplus Group Bhd rising 2.5 sne to 49 sen as the leading active stock. Top Glove Corp Bhd was also one of the most active, adding 1.5 sen to 97.5 sen.
