KUALA LUMPUR: Bursa Malaysia's benchmark FBM KLCI ended the morning session slightly higher amid subdued activity preceding the extended Chinese New Year weekend.
At 12.30pm, FBM KLCI gained 1.27 points to 1,513.63 from Thursday's close of 1,512.36.
The barometer index, which opened 1.46 points higher at 1,513.82, moved between 1,509.56 and 1,514.72 throughout the session.
Market breadth was positive with gainers outpacing decliners 398 to 347, while 393 counters were unchanged, 1,149 untraded and 11 others suspended.
Turnover amounted to 1.29 billion units worth RM620.10 million.
SPI Asset Management managing director Stephen Innes said despite subdued trading conditions leading up to Lunar New Year amid lingering effects of China's Consumer Price Index data, Bursa showed marginal gains at midday, following the momentum of US markets which closed at another record high.
"This surge was fuelled by promising signals of economic growth," he told Business Times.
Malacca Securities Sdn Bhd said the market is focusing on the solid earnings season which boosted the overall sentiment recently offsetting the delay in the expected interest rate cuts by the Federal Reserve.
Given this scenario, Wall Street may be supported in the elevated environment at least for the near term, it said.
"Closer to home, we expect buying support to be seen within the technology sector in tandem with Wall Street.
"Also, we expect the construction and utilities sectors to extend its upward move with the buying support yesterday despite the slowdown in trading activities ahead of Chinese New Year break," said the research house.
It added that the trading catalyst may revolve around the potential revival of Kuala Lumpur-Singapore high-speed rail and data centre investment in Malaysia for the near term.
