KUALA LUMPUR: Bursa Malaysia's key index closed 1.1 per cent higher at midday break, as Tenaga Nasional Bhd (TNB) led gainers in the morning session.
TNB's stock, was up 5.8 per cent, or a four-month high, to close the morning session at RM15 a share.
At 12:30 pm, the FBM KLCI was up 1.1 per cent, climbing 17.79 points to 1,631.49 from 1,613.70.
The overall market sentiment was upbeat, with 506 gainers outpacing 412 losers, while 508 counters remained unchanged.
Malacca Securities Sdn Bhd noted that the proposed electricity tariff increase by TNB, set to take effect in July next year, could present trading opportunities within the utilities sector.
"On top of that, as TNB was shortlisted to develop a 500 megawatt (MW) solar plant in Kedah under the fifth large scale solar (LSS5) programme, along with the government's recent removal of the 85 per cent demand cap under the self-consumption (SelCo) programme, it presents further upside opportunities in the solar-related counters."
"Finally, improved employment data in the US, which might lead to the Federal Reserve to remain in its hawkish tone, is likely to benefit the local technology stocks," it said.