KUALA LUMPUR: The Malaysian stockmarket recharged following a long weekend to begin the week on a good note. Analysts expect the FBM KLCI to trade higher on Monday, Nov 8 to catch up with global peers following US markets' advance to a fresh two year high last Friday.
The Malaysian stockmarket was closed on last Friday for the Deepavali celebrations.
"And once last Thursday's intraday high of 1,513.41 is taken out, this will make way for the bulls to charge in full force towards the all-time high at 1,524.69 soon, in our view," RHB Research says.
"But in order to rally towards our medium-term upside projection target at 1,668, the FBM KLCI must overcome and sustain at above 1,524.69," it added.
At 9.30am, the 30-stock FBM KLCI added 10.65 points to 1,522.39 points. Across the the bourse, some 236 million shares valued at RM244 million changed hands, resulting in 392 rising stocks versus 81 declining entities.
Among the most actively traded stocks, SUNRISE BHD [] and UEM LAND HOLDINGS BHD [] continue to pique market interest following UEM Land's takeover offer for Sunrise.
Sunrise added 61 sen to RM3.13 while UEM Land was up 11 sen to RM2.37. This follows a suspension in the trading of both stocks last week.
Top gainers include KUALA LUMPUR KEPONG BHD [] which rose RM1.16 to RM20.96 while NESTLE (M) BHD [] climbed 68 sen to RM44.48.
Across Asia indices, Japan's Nikkei 225 added 0.9% to 9,713.78 points, South Korea's Kospi rose 0.2% to 1,943.64, while Australia's S&P/ASX 200 fell 0.2% to 4,790.80
The ringgit traded at 3.0909 against a weakening US dollar as policymakers in the US pursue quantitative easing measures which increase the supply of the US dollar. The move has devalued the the greenback.
A weaker dollar, in turn, spurred demand for commodities. Crude oil futures at the New York Mercantile Exchange rose near US$90 (RM277.97) a barrel while spot prices for gold hit a fresh high of US$1,393.75 an ounce.
As oil is traded in US dollars, a weaker dollar makes the hydrocarbon resource cheaper and more attractive to global traders. Demand for gold is, meanwhile, seen as a safeguard against inflation amid a weaker US dollar.
The Malaysian stockmarket was closed on last Friday for the Deepavali celebrations.
"And once last Thursday's intraday high of 1,513.41 is taken out, this will make way for the bulls to charge in full force towards the all-time high at 1,524.69 soon, in our view," RHB Research says.
"But in order to rally towards our medium-term upside projection target at 1,668, the FBM KLCI must overcome and sustain at above 1,524.69," it added.
At 9.30am, the 30-stock FBM KLCI added 10.65 points to 1,522.39 points. Across the the bourse, some 236 million shares valued at RM244 million changed hands, resulting in 392 rising stocks versus 81 declining entities.
Among the most actively traded stocks, SUNRISE BHD [] and UEM LAND HOLDINGS BHD [] continue to pique market interest following UEM Land's takeover offer for Sunrise.
Sunrise added 61 sen to RM3.13 while UEM Land was up 11 sen to RM2.37. This follows a suspension in the trading of both stocks last week.
Top gainers include KUALA LUMPUR KEPONG BHD [] which rose RM1.16 to RM20.96 while NESTLE (M) BHD [] climbed 68 sen to RM44.48.
Across Asia indices, Japan's Nikkei 225 added 0.9% to 9,713.78 points, South Korea's Kospi rose 0.2% to 1,943.64, while Australia's S&P/ASX 200 fell 0.2% to 4,790.80
The ringgit traded at 3.0909 against a weakening US dollar as policymakers in the US pursue quantitative easing measures which increase the supply of the US dollar. The move has devalued the the greenback.
A weaker dollar, in turn, spurred demand for commodities. Crude oil futures at the New York Mercantile Exchange rose near US$90 (RM277.97) a barrel while spot prices for gold hit a fresh high of US$1,393.75 an ounce.
As oil is traded in US dollars, a weaker dollar makes the hydrocarbon resource cheaper and more attractive to global traders. Demand for gold is, meanwhile, seen as a safeguard against inflation amid a weaker US dollar.
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