Flattish start points to range-bound trading
The index of Malaysian blue chips was up 1.7 points to 1,526.29, inching slightly higher on the back of Wall Street's mostly positive performance overnight.
US equities prices were pushed higher on the back of positive corporate earnings, bringing the S&P500 and Nasdaq to fresh record levels, even as the Dow Jones ended flat.
The US rally may lead to a spillover effect on Asian markets, which could be seeing a resurgence of positive sentiment going by recent firm prices.
In the headlines recently, Sunway Construction has been sold down on news one of its employees was being investigated by the country's anti-graft agency for bribery.
However, analysts say the price weakness could be only temporary given the isolated nature of the incident, which is not expected to impact the company's financials.
"Despite the MACC's investigation into a RM180mil data centre project in Johor, we view this as a buy-on-dip opportunity for Sunway Construction, Sunway and other data centre-related counters, supported by their strong fundamentals, solid order book providing 2–3 years of earnings visibility, and the ongoing data centre boom in the country," said Malacca Securities.
As at 9.15am, shares in Sunway Construction were down one sen to RM5.48 while parent Sunway dipped two sen to RM4.87.
Among the actives on the market, NexG rose one sen to 51.5 sen, TWL dropped 0.5 sen to 2.5 sen and iCents gained 2.5 sen to 40 sen.
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