The benchmark index finished 0.11% or 1.81 points hgher at 1,602.40.
Areca Capital chief executive officer (CEO) Danny Wong said many investors are looking forward to a recovery in corporate earnings.
“There are expectations for the second quarter through the fourth quarter of the year that there will be a year-on-year (y-o-y) increase in earnings,” he said.
Glove stocks including Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Comfort Gloves Bhd and Kossan Rubber Industries Bhd were among the day s top gainers.
The day s top active stocks included LKL International Bhd, Luster Industries Bhd and AT Systematization Bhd.
Top losers included consumer and financial services stocks Nestle (Malaysia) Bhd and Fraser & Neave Holdings Bhd (F&N), as well as Hong Leong Financial Group Bhd (HLFG).
KLCI closes higher on gains in glove counters, better corporate earnings hopes msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
The benchmark index kicked off the second quarter yesterday on a positive note, adding 9.13 points or 0.58% to 1,582.64 points. This was also partially due to a technical rebound from Wednesday’s oversold position that saw the FBM KLCI tanking 35.68 points after holding on to the 1,600-point region for about a month.
PETALING JAYA: Bank Negara’s stance that Malaysia’s economy will rebound from the second quarter has sparked much confidence in the market as investors seek new catalysts.
It was a much needed assurance by the regulator, as the FBM KLCI has only traded sideways with a decline of 1.24% year-to-date (y-t-d) due to factors such as the reimposition of the movement control order (MCO) in January that piled on the uncertainties over an economic recovery.
KUALA LUMPUR (March 9): Technology-related stocks on Bursa Malaysia rebounded in the morning session today on bargain hunting.
At noon break, ViTrox Corp Bhd rose 52 or 3.56% to RM15.12; Unisem (M) Bhd increased by 29 sen or 3.87% to RM7.79; D&O Green Technologies Bhd grew 25 sen or 7.2% to RM3.72; Pentamaster Corp Bhd increased by 19 sen or 3.62% to RM5.44.
Overall, Bursa Malaysia’s technology index gained 1.03% to 80.63 points.
Areca Capital Sdn Bhd chief executive officer Danny Wong told
theedgemarkets.com that he still sees the technology sector as a main growth sector.
“We still look into its growth over the next three to five years. There will be a structural demand change, where demand will continue to [exceed] the supply.
Despite bubble concern, equity market seen on upward trajectory this year theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.