KUALA LUMPUR: Bursa Malaysia opened firmer above the 1,600 mark, its highest level in six months since February.
Sentiment was lifted by Wall Street’s strong rebound on Friday, after Fed Chair Jerome Powell signalled the possibility of a September rate cut.
At 9.42am, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 8.75 points or 0.5 per cent to 1,605.57 from Friday’s close of 1,597.47.
The benchmark index opened 5.35 points firmer at 1,602.82.
On the broader market, gainers led losers 373 to 258, while 372 counters were unchanged, 1,586 untraded and 14 suspended.
Turnover stood at 590.7 million million shares worth RM355.59 million.
Malacca Securities said taking a cue from Wall Street’s positive lead, Bursa Malaysia is expected to open higher, especially in the technology sector.
“Besides, traders may shift their attention to Pekat Group Bhd and Solarvest Holdings Bhd, given the renewed buying interest in the solar segment.
“This is following the government’s push for renewable energy, underpinned by 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,” the firm said.
It added that KJTS Group Bhd staged a solid flag formation breakout ahead of its quarterly results this Wednesday and stands as a key beneficiary of higher electricity tariffs and rising data centre demand in Johor.
As for MN Holdings Bhd and UUE Holdings Bhd, Malacca Securities believes the companies stand to benefit from Tenaga Nasional Bhd’s ongoing capital expenditure programme, which runs until year-end.
In addition, positive developments in the utilities sector are expected to provide a healthy job pipeline for both counters.
© New Straits Times Press (M) Bhd
