At 12.30pm, the FBM KLCI was up 7.2 points to 1,487.75 while the broader market had 490 gainers compared with 332 decliners.TA Securities Research in its market commentary predicted that investor sentiment would improve on the spillover effect from key US stock gauges, which rallied more than 2% last Friday.
It said the local stock market is likely to extend range bound trade, pending more clarity on domestic policies, inflation risks and global economic growth momentum. Meanwhile, the blue-chip rally was led by Maybank up three sen to RM8.80, Tenaga Nasional gaining five sne to RM9.49, MISC rising 10 sen to RM7.31 and IOI adding seven sen to RM3.98.
There was also positive movement in the tech sector on the back of the Nasdaq's Friday rally. The sector gained 2% overall, led hgher by names such as MPI, up RM1.30 to RM31.30, Greatec rising 18 sen to RM4.88 and Unisem gaining eight sen to RM4.01.
Source: Financial Digest (financialdigest.net)
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