KUALA LUMPUR: The benchmark FTSE Bursa Malaysia KLCI hit an almost four-year high as investors mopped up blue chips after a series of strong economic data.
Malaysia reported that the economy grew 5.9 per cent in the second quarter of 2024 last week, and a 12 per cent jump in July trade figures earlier today.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 1.10 per cent or 17.83 points to 1,641.73 from Friday's close of 1,623.90.
The index began the day 1.24 points higher at 1,625.14 and fluctuated between 1,624.58 and 1,644.08 during the morning session.
On the broader market, gainers led losers 548 to 449, with 435 counters unchanged.
Turnover reached 2.29 billion units valued at RM1.79 million.
Malacca Securities Research expects buying interest to emerge in the technology sector locally, especially with improved sentiment in the second half of 2024 (2H24).
"Banking stocks, which rallied on Friday, are likely to continue their upward trend following the release of strong Malaysia GDP data.
"Additionally, we expect the consumer and shipping sectors to benefit from the stronger ringgit," it said in a note today. The firm also remains optimistic about the construction, property, building materials, and utilities sectors ahead of the earnings season.