The FBM KLCI advanced for a fourth straight day as financial stocks continued to put on weight on follow-through buying support.
At 12.30pm the key index was up 6.98 points to 1,653.51 as Public Bank rose another 18 sen to a 17-month high of RM20.04.
Fellow financial heavyweight Maybank was also up four sen to RM8.42 while CIMB added 14 sen to RM4.19.
The early gainers included Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank and Mega First Corp Bhd.
Given the FBM KLCI's rally, there are expectations that the market could retreat on profit-taking as investors digest the gains.
The FBM KLCI may be slightly overbought after the gap-up formation yesterday. Hence, the key index may be due for a mild pullback as healthcare stocks may drag the index today," said Malacca Securities Research.
Other top traded stocks included XOX unchanged at 11 sen and Trive flat at 1.5 sen.
In Asian markets, equities prices eased amid stalled US stimulus talks while a fall in tech stocks on Wall Street raised fears of an impending correction.
China's composite index rose 0.25% and Hong Kong's Hang Seng was down 0.5%. In Australia, the ASX 200 dropped 0.4%.
Bloomberg said Asian stocks pushed higher after strong gains in US equities and bonds, as investors sought out the defensive qualities of technology shares and backed away from bets on a massive economic stimulus package.
Rakuten Trade in its daily market report said Wall Street experienced wild swings in prices amid the ongoing US presidential election results that may lead to the Supreme Court as Trump is staring at a defeat.
As for the local bourse which is more detach from Wall Street, we reckon the FBM KLCI may again test the 1,470 level today to emerge from prevailing consolidation.
Meanwhile, have a look at the plantation stocks as CPO (crude palm oil) prices have been on an uptrend at around the RM3,300/MT of late,” it said.
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