Bursa starts strong after Wall St's Friday rally
At 9am, the benchmark FBM KLCI was up 4.29 points to 1,538.05, hovering near the high achieved in last week's trading.
Malacca Securities said in a note that positive sentiment on Wall Street was on a rise given developments in the tariffs war coupled with the earnings season hitting its stride.
"With recent developments toward de-escalating the trade war, the US-EU trade deal capping tariffs at 15% has boosted Wall Street's positive sentiment.
"With more than 100 companies releasing their earnings results this week, coupled with key economic data such as JOLTS, ADP payrolls, and initial jobless claims, we expect
upbeat sentiment to persist," it said.
Given these developments, the research firm said positive sentiment from the US is expected to spillover onto the local market.
However, TA Securities expects the local index to remain range-bound over the week as investors are likely to adopt a wait-and-see approach in anticipation of details over the 13th Malaysia Plan for potential domestic catalysts and US-Malaysia trade developments ahead of the Aug 1 deadline.
"As for stock picks for this week, key index heavyweights and lower liners in the banking, telco, pharmaceutical, construction and technology sectors such as AmBank, CIMB, Maxis, Telekom Malaysia, Duopharma , Hiap Teck, Sunway Construction and VS Industry should attract bargain hunters looking for recover plays," it said in its market commentary.
In early share price movements, Nestle continued its bullish ascent, rising RM1.92 to RM87.42. The share put on about 13% last week following its earnings announcement that showed a strong recovery on improved operational efficiency and sales momentum.
YTL Corp gained eight sen to RM2.56 on chart-topping volume of 10.85 million shares changing hands, while subsidiary YTL Power climbed nine sen to RM4.24.
Telekom Malaysia rose seven sen to RM6.80.
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