Tthe FBM KLCI performed beyond expectations as it closed higher to almost the 1,440 level attributed to solid performances from both the Telco and Plantation stocks.
"For today, we reckon buying may return on Technology stocks and should continue on Banks as well. As such, we expect the index to re-test the 1,450 mark today.
"Meanwhile, crude oil performed stronger with the Brent crude closing in to the USD99/barrel on expectations that China may ease some of its Covid regulations thus Energy stocks may be in the limelight as well," says Rakuten.
Malaysian equities surged last Friday, in line with positive regional performances amid speculation on China’s reopening. The FBM KLCI ended 1.26% or 17.90 points higher to 1,438.28.
Gainers were led by NESTLE, PETDAG and HLFG. Market breadth was positive with 588 advancers against 269 decliners. Total volume stood at 2.39bn shares valued at RM1.72bn.
Key regional indices closed broadly higher following the rumours about a potential China reopening except Nikkei 225 which fell by 1.68% to close at 27,199.74. Meanwhile, STI added 0.89% to end at 3,130.11. HSI and SHCOMP reversed their previous lost and soared 5.36% and 2.43% to end at 16,161.14 and 3,070.80 respectively.
Wall Street staged a relief rally while traders remain divided on the state of the US economy and inflation. The DJI Average gained 402 points while the Nasdaq added 132 points as the US 10-year yield inched marginally higher at 4.16%.
Wall Street ended sharply higher on Friday as US jobs report remains strong. The DJI rose 1.26% to close at 32,403.22. S&P500 and Nasdaq climbed 1.36% and 1.28% to end at 3,770.55 and 10,475.25 respectively.