At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) surged 19.21 points, or 1.4%, to 1,395.89 from 1,376.68 at Friday’s close.
The key index opened 2.71 points better at 1,379.39 this morning and moved between 1,379.31 and 1,397.37 throughout the session.
The broader market was also positive as gainers trounced losers 513 to 343 while 420 counters were unchanged, 982 untraded and 40 others suspended.
Turnover decreased marginally to 2.61 billion units worth RM1.5 billion versus 2.65 billion units worth RM2.03 billion on Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said regionally, key indices ended higher as the decrease in the US inflation sparked optimism for the US Federal Reserve to pursue a hawkish stance on monetary policy.
“Additionally, data indicating a positive shift in sentiment towards the Japanese economy propelled the Nikkei index to its highest level in 33 years.
“In Hong Kong, stocks rose sharply higher on hopes of China’s stimulus measure to support economic growth and employment,” he told Bernama.
Regionally, Hong Kong’s Hang Seng Index rose 2.06% to 19,306.59, China’s SSE Composite Index gained 1.31% to 3,243.98 and Shenzhen Index increased 0.59% to 11,091.56.
On the domestic front, Thong said the benchmark index continued its upward trajectory thanks to improving global market sentiment.
“Having broken the 1,390 resistance, we anticipate the FBM KLCI to retest the 1,400 mark this week.
“Nonetheless, we advise investors to remain cautious ahead of the Bank Negara Malaysia Monetary Policy Committee meeting scheduled for this Wednesday and Thursday although we believe the overnight policy rate will be maintained,” he said.
He added that technically, the next resistance level is expected at 1,415 while support remained at 1,373.
Among the heavyweight stocks, Maybank pushed up 12 sen to RM8.75, Public Bank edged up nine sen to RM3.94, CIMB was 10 sen firmer at RM5.16, Tenaga Nasional ticked up five sen to RM9.10 but IHH Healthcare slid one sen to RM5.88.
Of the actives, RGB International put on 2.5 sen to 36 sen, TWL inched up half-a-sen to 3.5 sen while Widad, BTM Resources and Sarawak Consolidated were flat at 42 sen, nine sen and 47 sen respectively.
On the index board, the FBM Emas Index soared 131.21 points to 10,272.55, the FBMT 100 Index shot up 130.30 points to 9,974.30, the FBM Emas Shariah Index jumped 120.01 points to 10,534.88, the FBM ACE Index strengthened 47.56 points to 5,115.58 and the FBM 70 Index perked up 147.05 points to 13,531.63.
Sector-wise, the financial services index chalked up 185.21 points to 15,518.08, the industrial products and services index garnered 1.98 points to 158.90, the energy index recovered 14.05 points to 788.14 and the plantation index bagged 128.83 points to 6,827.48.
The Main Market volume dwindled to 1.8 billion units valued at RM1.26 billion from 1.93 billion units valued at RM1.82 billion on Friday.
Warrants turnover expanded to 333.22 million units worth RM60.9 million against 226.52 million units worth RM39.82 million previously.
The ACE Market volume decreased slightly to 483.43 million shares valued at RM179.48 million from 494.11 million shares valued at RM173.01 million on Friday.
Consumer products and services counters accounted for 349.89 million shares traded on the Main Market, industrial products and services (606.59 million); construction (46.56 million); technology (135.22 million); SPAC (nil); financial services (58.86 million); property (238.76 million); plantation (47.67 million); REITs (6.30 million), closed/fund (88,200); energy (129.90 million); healthcare (77.49 million); telecommunications and media (26.81 million); transportation and logistics (22.54 million); and utilities (49.55 million).