KUALA LUMPUR: The domestic market tracked the positive performance on Wall Street overnight as equities prices were buoyed by cooler producer inflation figures.
The FBM KLCI opened 2.27 points higher at 1,611.79, crossing the 50-day simple moving average to reflect the strong bullish sentiment taking root on the local bourse.
Having returned to the levels of trading prior to the Aug 5 market rout, the index is looking to reclaim a July peak.
Apex Securities Research said it expects sentiment to turn cautious entering the quarterly reporting earnings season.
However, the widely anticipate interest rate cuts in the US in September are expected to bring cheer to Wall Street, with spillover effects on the local market.
The research firm said US inflation data due out later tonight will be in focus.
"Sector wise, we favour the technology sector, potentially mirroring the gains in Nasdaq overnight.
"With CPO prices languishing below RM3,700/MT (weakest year-to-date), we expect the plantation sector to be downbeat," it said.
Utility counters on the blue-chip index were seen rising including Tenaga Nasional up one sen to RM14, YTL Power adding seven sen to RM4.43
Tech counters were buoyed in early trade, lead higher by MPI gaining 64 sen to RM37.20, KESM rising 35 sen to RM6.29 and Itmax gaining 13 sen to RM3.41.
Meanwhile, leading actives included Cape EMS rising 1.5 sen to 47 sen, Mui Industries dropping 0.5 sen to nine sen and Velesto
, unchanged at 20.5 sen.
