KUALA LUMPUR: Bursa Malaysia started on a strong footing on Friday as investors bought up bargains following two days of declines.
At 9.05am, the FBM KLCI ws up 5.55 points to 1,587.74.
Market sentiment on the equities market remained strong as investors focused on the recovery theme amid the rising Covid vaccination rate.
There has also been a foreign inflow into the market given an upturn in global sentiment as lending rates are expected to remain accomodative for the time being.
Yesterday, foreign investors were net buyers in the market to the tune of RM117mil.
“We expect Malaysian stocks to reverse from the red and resume upside momentum driven by foreign funds buying due to the reopening of the economy and the prospects of achieving herd community,” said Mercury Securities Research in a note.
Early gainers on the blue-chip index included Maybank up three sen to RM8.30, Public Bank rising one sen to RM4.08 and Petronas Chemicals gaining three sen to RM8.32.
IHH Healthcare gained three sen to RM6.39 while Maxis rose five sen to RM4.54.
Top actives on the broader markets were Gentec rising 70 sen to RM30.18, MPI rising 62 sen to RM44.70 and OM Holdings surging 14 sen to RM2.65.