KUALA LUMPUR: The FBM KLCI extended its positive run to five consecutive days, in line with the gains at key regional markets after the overnight higher closing at Wall Street.
The local index also crossed the 1,440-point level, surpassing its highest level since Jan 18, 2008 when it had closed at 1,439.49.
In Asia, a manufacturing rebound in China and stronger-than-expected growth in Australia, help halt the yen's advance and lifted the Tokyo market, according to Reuters.
Global stocks later also drew support after the Institute for Supply Management said its index of US factory activity rose to 56.3 in August from 55.5 in July, much higher than forecast by economists, it said.
Japan's Nikkei 225 rose 1.22% to 9,035.72, the Shanghai Composite Index was up 0.79% to 2,643.54, Taiwan's Taiex added 0.91% to 7,738.37, the South Korean Kospi up 0.32% to 1,770.37, Singapore's Straits Times Index rose 0.45% to 2,996.13 while Hong Kong's Hang Seng Index opened 1.2% higher at 20,864.40.
On Bursa Malaysia, the FBM KLCI had in early trade climbed more than nine points to a high of 1,441.80 before easing down slightly.
At 10am, the 30-stock index was up 4.79 points to 1,436.75, lifted by gains including at BAT, Petronas Dagangan, UMW and CIMB.
Gainers led losers by 298 to 126, while 193 counters traded unchanged. Volume was 163.48 million shares valued at RM226.35 million.
HLG Research in a note on Thursday, Sept 2 said that despite an overdue consolidation, the FBM KLCI was expected to test the 1,450 resistance level due to sustained buying on blue chips, spurred by whispers of increasing foreign interest on the back of the strengthening ringgit and expectations of more economic reforms.
Moreover, the overnight rally at Wall Street was expected to augur well for regional markets, it said.
Nevertheless, investors should expect more wild swings in the near term, as trading interests in big-caps appear stretched, said the research house.
"Unless more consistent and positive macro-news as well as higher trading activity (above one billion shares/day), profit-taking is expected to increase volatility in the market.
"Immediate resistance levels are 1,439 (61.8% FR from top 1,525 and low of 1,300) and 1,472 (76.4% FR) whilst support levels are 1,414 (5-d SMA), 1,405 (10-d SMA) and 1,383 (20-d SMA)," it said.
On Bursa Malaysia, BAT was the top gainer at mid-morning and was up 30 sen to RM45.80. Petronas Dagangan added 24 sen to RM11.04, Lafarge Malayan Cement up 23 sen to RM7.24, APM Automotive gained 18 sen to RM4.49, Tan Chong was up 15 sen to RM4.92 and CIMB rose six sen to RM7.86.
Huat Lai Resources was up to 15 sen to RM1.27, KFCH added 12 sen to RM11.30, UMW rose 11 sen to RM6.86 while Coastal Contracts rose 10 sen to RM2.25.
Petronas Gas was the top loser and fell 28 sen to RM10.52. Bintulu Port lost 20 sen to RM6.80, SP Setia down 18 sen to RM4.40, Jaya Tiasa down 10 sen to RM3.40, Top Glove fell nine sen to RM6.10 while Lay Hong lost seven sen to RM1.88.
KNM was th most actively traded stock with 17.2 million shares done. The counter shed 1.5 sen to 42.5 sen. Other actives included Timecom, JCY International, Linear, UEM Land, Tejari and SIG Gases.
The local index also crossed the 1,440-point level, surpassing its highest level since Jan 18, 2008 when it had closed at 1,439.49.
In Asia, a manufacturing rebound in China and stronger-than-expected growth in Australia, help halt the yen's advance and lifted the Tokyo market, according to Reuters.
Global stocks later also drew support after the Institute for Supply Management said its index of US factory activity rose to 56.3 in August from 55.5 in July, much higher than forecast by economists, it said.
Japan's Nikkei 225 rose 1.22% to 9,035.72, the Shanghai Composite Index was up 0.79% to 2,643.54, Taiwan's Taiex added 0.91% to 7,738.37, the South Korean Kospi up 0.32% to 1,770.37, Singapore's Straits Times Index rose 0.45% to 2,996.13 while Hong Kong's Hang Seng Index opened 1.2% higher at 20,864.40.
On Bursa Malaysia, the FBM KLCI had in early trade climbed more than nine points to a high of 1,441.80 before easing down slightly.
At 10am, the 30-stock index was up 4.79 points to 1,436.75, lifted by gains including at BAT, Petronas Dagangan, UMW and CIMB.
Gainers led losers by 298 to 126, while 193 counters traded unchanged. Volume was 163.48 million shares valued at RM226.35 million.
HLG Research in a note on Thursday, Sept 2 said that despite an overdue consolidation, the FBM KLCI was expected to test the 1,450 resistance level due to sustained buying on blue chips, spurred by whispers of increasing foreign interest on the back of the strengthening ringgit and expectations of more economic reforms.
Moreover, the overnight rally at Wall Street was expected to augur well for regional markets, it said.
Nevertheless, investors should expect more wild swings in the near term, as trading interests in big-caps appear stretched, said the research house.
"Unless more consistent and positive macro-news as well as higher trading activity (above one billion shares/day), profit-taking is expected to increase volatility in the market.
"Immediate resistance levels are 1,439 (61.8% FR from top 1,525 and low of 1,300) and 1,472 (76.4% FR) whilst support levels are 1,414 (5-d SMA), 1,405 (10-d SMA) and 1,383 (20-d SMA)," it said.
On Bursa Malaysia, BAT was the top gainer at mid-morning and was up 30 sen to RM45.80. Petronas Dagangan added 24 sen to RM11.04, Lafarge Malayan Cement up 23 sen to RM7.24, APM Automotive gained 18 sen to RM4.49, Tan Chong was up 15 sen to RM4.92 and CIMB rose six sen to RM7.86.
Huat Lai Resources was up to 15 sen to RM1.27, KFCH added 12 sen to RM11.30, UMW rose 11 sen to RM6.86 while Coastal Contracts rose 10 sen to RM2.25.
Petronas Gas was the top loser and fell 28 sen to RM10.52. Bintulu Port lost 20 sen to RM6.80, SP Setia down 18 sen to RM4.40, Jaya Tiasa down 10 sen to RM3.40, Top Glove fell nine sen to RM6.10 while Lay Hong lost seven sen to RM1.88.
KNM was th most actively traded stock with 17.2 million shares done. The counter shed 1.5 sen to 42.5 sen. Other actives included Timecom, JCY International, Linear, UEM Land, Tejari and SIG Gases.
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