Bursa stays poised for gains after technical breakout
KUALA LUMPUR: The domestic market stayed flat in the opening minutes of trade as investors digested the recent gains.
At 9.05am, the FBM KLI was up 0.12 point to 1,518.9. The market stood on a positive footing with 150 gainers compared with 81 decliners.
Trading volume was 134.28 million shares valued at RM51.77mil.
There are bullish expectations for the local bourse following the strong breakout past the 1,510 resistance level, coupled with a healthy inflow of foreign funds, said Malacca Securities Research in its daily outlook.
"While the global markets may keep an eye on UK’s inflation to gauge the global recession risk, we believe the local bourse should remained positive in the upcoming earnings season as the international border was uplifted in April," it said.
While telcos lead the rally in the previous session, they were seen taking a breather amid some light profit-taking.,
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Maxis fell three sen to RM3.95, Digi dropped two sen to RM3.84 and Axiata was up one sen to RM3.09.
Bank stocks remained sure-footed with Maybank rising two sen to RM8.99, Public Bank gaining two sen to RM4.67 and the other financial heavyweights staying flat for now.
PETRONAS Chemicals was up five sen to RM8.80 while PETRONAS Gas climbed 14 sen to RM17.44.
Meanwhile, the rout in glove stocks continued with Hartalega shedding 10 sen to RM1.67 in active trade.
Top Glove lost one sen to 82.5 sen and Kossan Rubber fell 4.5 sen to 96.5 sen.
Other leading actives included TWL unchanged at six sen, Serba Dinamik slipping 0.5 sen to nine sen and Infotec losing 1.5 sen to 39 sen.