KUALA LUMPUR: The local benchmark index gapped higher at the open as the positive momentum in the banking sector picked up amid the ongoing results period.
At the start of trading, the FBM KLCI rose 4.48 points to 1,657.77, as the country's heavyweight banks extended ther climb ahead of their earnings announcements later this week.
Maybank rose 10 sen or 0.9% to RM10.80, bringing its gains over the last three days to about 3.5%.
Other sector rivals were also on a tear with Public Bank adding nine sen to RM4.77, CIMB surging 25 sen to RM8.17 and Hong Leong Bank rising 12 sen to RM20.28. RHB, which gained 16 sen to RM6.08.
Malacca Securities Research said investors will focusing on the strength of the ringgit and earnings releases from Inari Amertron
to gauge trading activity in the technology sector.
"The stronger ringgit environment is expected to benefit the consumer, construction, banking, and building material sectors.
"Additionally, we anticipate bargain hunting in O&G stocks following the strong earnings releases.
Top actives included Vetece, which soared 19.5 sen to 44.5 sen.
Luster was flat at 7.5 sen while DC Healthcare dropped three sen to 17 sen.
