Tech rally, bargain-hunting pushes FBM KLCI above 1,600
KUALA LUMPUR: There could be bargain-hunting on the domestic market following the previous week's correction following a return in global market sentiment.

Apex Securities Research said the end of the earnings season coupled with better-than-expected China manufacturing activity will likely support the local bourse.

"Key economic events to watch this week include the European interest rate decision and US non-farm payrolls," said the research firm in a note.

On sector outlook, it is bullish on data centre-related stocks after Google announced a RM9.4bil investment plan in Malaysia while the technology sector is likely to see buying interest following gains in US technology stocks overnight.

At the start of Tuesday trading, the FBM KLCI was down 0.74 points to 1,595.94 as the market started cautiously after a long weekend.

However, the key index picked up shortly thereafter, rising 4.39 points to 1,601.07 at 9.10am after 392.88 million shares done.

Shares that led gains included CIMB, rising eight sen to RM6.92, Kuala Lumpur Kepong adding 16 sen to RM21.02, Press Metal climbing 12 sen to RM5.72 and Genting climbing six sen to RM4.82.

The tech sector rose following the gains in the Nasdaq overnight with MPI rising 56 sen to RM37.40, Notion Vtech gaining eight sen to RM1.57 and Vitrox adding 12 sen to RM7.70.

Among actives, Berjaya was up two sen to 31 sen, Velesto fell 0.5 sen to 26 sen and JCY gained 1.5 sen to 54 sen.
Markets,Bursa Malaysia,FBM KLCI,equities,trading,investor,commodity,stocks
KUALA LUMPUR: There could be bargain-hunting on the domestic market following the previous week's correction following a return in global market sentiment.