KUALA LUMPUR: Bursa Malaysia began trading on Friday with gains, mirroring global markets, as major regional markets also rose, taking cues from Wall Street's strong performance the previous night.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.09 points to 1,531.47 from Thursday's close of 1,528.38.
The benchmark index opened 2.30 points better at 1,530.68.
On the broader market, gainers led losers 190 to 115, while 238 counters were unchanged.
Turnover amounted to 212.72 million units worth RM46.72 million.
Malacca Securities Research said the FBM KLCI extended the consolidation phase for the second day as the focus turned to FBM Small Cap, which added 0.7 per cent for the session.
The firm added that the US stock markets charged higher as investors could be pricing in an earlier rate cut following the slightly weaker retail sales.
"We believe the market will be monitoring the corporate earnings season for trading opportunities, as we think most of the companies may exceed expectations as the fourth quarter of 2023 (4Q23) was a recovering quarter based on US gross domestic product (GDP) data.
"Thus, we opine that the buying support may prolong on the local exchange today," it said in a note today.
Meanwhile, Malacca Securities said it expects the oil and gas (O&G) stocks to trade on a strong note today, following the contract win by Uzma Bhd, coupled with the firmer Brent oil prices.
The firm still favours the construction, property, utilities, and renewable energy stocks, as attention will be given to mega infrastructure projects such as the revival of Kuala Lumpur–Singapore high-speed rail (HSR) and the ongoing Rapid Transit System (RTS) link, coupled with the Bayan Lepas LRT talks.
"Also, the data centre investments in Malaysia will be another catalyst for focus.
"Meanwhile, for the upcoming earnings, we like consumer stocks," it noted.