KUALA LUMPUR: Bursa Malaysia surged in early morning trade on the back of a strong rally in US markets last Friday, although scheduled monetary policy meetings domestically and globally are expected to keep investors on edge.
At 9.30am, the FBM KLCI was up 17.8 points to 1,465.11. There were 323 gainers on the overall market compared with 153 decliners.
Trading volume was 585.97 million shares valued at RM223.8mil.
Kenanga Research noted in its weekly technical review that despite the strong performance of the domestic market in October, there are expectations of profit-taking in the coming month.
"This is based on past record, which shows that the benchmark index had registered negative returns in November in seven of the preceding 10 years (including the most recent year) to log an average monthly loss of 1.0% since 2012," said the research house.
It added that investors will be reacting to a series of developments in the coming week including Bank Negara's Wednesday decision over interest rates following its monetary policy committee.,
This precedes the US Federal Reserve's Open Market Committee meeting, the results of which will be revealed early Thursday Malaysian time.
"This comes as consensus is currently betting that the policymakers would increase the federal funds rate either by 75 basis points (82% chance) or 50 basis points (18% chance).
"Of further interest too will be the US October employment situation report due on Friday which may also shape investors’ expectations on future interest rate hikes," added Kenanga.
On Malaysia's blue-chip index, most counters were up with Maybank rising six sen to RM8.64, Public Bank gaining 10 sen to RM4.48 and CIMB adding six sen to RM5.62.
PETRONAS Chemicals climbed 13 sen to RM8.91 and Press Metal jumped seven sen to RM4.42.
Most active on the market were CSH flat at 3.5 sen, Top Glove rising three sen to 82 sen and Tanco adding one sen to 36 sen.
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