Bursa rally continues as Wall Street jumps in tech-led recovery

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KUALA LUMPUR: Buying support on the domestic market remained intact as another session of gains on Wall Street overnight shored up investor sentiment.

Positive corporate earnings results, particularly Tesla, boosted investor confidence in the resilience of the economy, sending tech shares up 1.4% and the Dow Jones, 0.5%.

At 9.05am, the FBM KLCI was up 2.35 points to 1,452.67, extending its rally for a fifth straight day.

There were 135 gainers compared with 86 decliners. Trading volume was 71.84 million shares valued at RM33.5mil.

According to Malacca Securities Research, the strong rebound in the Nasdaq should boost momentum on the local tech sector while there could be upsides in the automotive sector as the Malaysian Automotive Association raised its total industry volume forecast.

"Technical indicators turned positive as the MACD Histogram has extended a positive bar, while the RSI has crossed above 50.

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"Resistance is set at 1,460-1,480, while the support is envisaged along 1,420-1,430," it said in its technical outlook.

Meanwhile, the banking sector continued to gain weight as the fears of an economic slowdown eased.

Maybank rose four sen to RM8.74, Public Bank gained one sen to RM4.45, CIMB added two sen to RM5.18 and RHB put on three sen to RM5.80.

Hong Leong Bank however slipped six sen to RM20.26.

Some profit-taking was seen in PETRONAS Chemicals, down four sen to RM8.68 as Brent crude futures slipped nearly 3% overnight to US$103.86 a barrel.

Top actives were Cypark down one sen to 34.5 sen, Bintai Kinden flat at 10.5 sen and KPower up 1.5 sne ot 24.5 sen.