KUALA LUMPUR: Bursa Malaysia extended its rally to close higher at lunch break supported by better-than-expected gross domestic product data that came in last week for the first quarter of 2024 (Q1 2024).
At 12.30pm, FTSE Bursa Malaysia KLCI climbed 0.76 per cent or 12.28 points to 1,628.90 versus Friday's close of 1,616.62.
The key index which opened at 1,618.28 hit its highest level of 1,629.81 at morning trade.
The broader market saw gainers surpassed losers 841 to 375 while 469 counters remained unchanged.
Malacca Securities Sdn Bhd said the market is still in a bullish tone as the economy continued to grow in Q1 2024.
"Also, we expect the United States imposed higher tariff on China products will benefit Malaysian companies potentially due to higher trade diversions going forward.
"We strongly believe the technology, EMS, metal-related sectors will gain momentum in the near to mid-term," it said in a note.
Further trading potential is also possible in the construction, building materials and property sectors with the potential revival of mega infrastructure projects like Kuala Lumpur-Singapore High Speed Rail as well as optimism over the execution of National Energy Transition Roadmap and New Industrial Master Plan.
On the index board, FBM Emas added 0.85 per cent to 12,413.07, FBM 100 gained 0.83 per cent to 12,004.56 and FBM Ace was up 1.04 per cent to 5,406.79.