KUALA LUMPUR: Bursa Malaysia made a strong start to the week as investors welcomed the dovish remarks made by Federal Reserve chairman Jerome Powell at the Jackson Hole Symposium.
The FBM KLCI rose 4.08 points to 1,639.82 at the open as investors tracked the positive sentiment over the central banker's comments that affirmed a rate cut at the central bank's September meeting.
Malacca Securities Research said the weaker ringgit might dampen sentiment but the downside could be limited as bargain-hunting activities picke up in line with the US stock markets.
"Meanwhile, we favour the O&G sector, given the rebound in crude oil prices.
"Also, the consumer, aviation, construction, building materials, and automotive sectors could benefit in a stronger ringgit environment," the research firm said in its outlook.
Among blue chips, Tenaga Nasional rose eight sen to RM13.80, Sunway gained six sen to RM4.08 and PETRONAS Chemicals added six sen to RM5.77.
Maybank climbed six sen to RM10.50 while PPB added eight sen to RM14.42.
Of actives, Elridge gained 3.5 sen to 44 sen, WCT rose 6.5 sen to RM1.02 and Genetec dropped 10 sen to RM1.09.
