KUALA LUMPUR: Bursa Malaysia managed to surpass the 1,600 mark on Monday morning, reflecting Wall Street's recovery.
This uptick came as encouraging job data alleviated recession fears and reassured traders.
At 9:26 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.70 per cent, adding 11.24 points to reach 1,607.29, up from Friday's closing of 1,596.05.
The overall market sentiment was also positive, with 505 gainers outpacing 167 losers, while 264 counters remained unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng mentioned that the recent positive developments from Infineon, including its additional RM30 billion investment in Kulim, will further boost the growing optimism around the nation's tech sector.
"For today, we expect the index to hover within the 1,595-1,610 range," he said.
Thong observed that although the FBM KLCI closed on a positive note, it stayed below the psychological 1,600 level due to some late profit-taking activities.
He viewed the lower daily trading volume as a positive sign, indicating that the selling pressure might be nearing its end.