KUALA LUMPUR: After paring some gains in the previous session, the FBM KLCI is making another attempt at crossing the 1,630 psychological resistance.
The key index, which opened Wednesday 4.02 points higher at 1,629.98, is being spurred on by bullish momentum on Wall Street.
Apex Securities Research said in its outlook that the rally in lower liners, however, may take a breather to allow recent gains to be digested, although the upward momentum will persist.
"The automotive sector is expected to see improved trading activities after Malaysian Automotive Association (MAA) revised new motor vehicle sales higher to 765,000 units in 2024, from previous estimate of 740,000 units.
"We also expect gold-related stocks to be buoyed by the higher gold prices that strengthened above US$2,400/oz," said the research firm.
Blue chips on the rise included MISC up eight sen to RM8.74, Maybank jumping four sen to RM10.14, YTL Power adding three sen to RM4.99 and Sunway gaining five sen to RM4.17.
Gold merchants were also seen making their way higher including Tomei rising six sen to RM1.87 and Poh Kong adding five sen to RM1.25.
Of actives, Censor rose 2.5 sen to 41 sen, Mui Industries added 0.5 sen to nine sen and Aimflex was flat at 20 sen.
