KUALA LUMPUR: The domestic market is on course for another positive session as the investor sentiment swung to the upside amid a convergence of bullish developments.
At 9.05am, the FBM KLCI was up 2.27 points to 1,563.56, putting the index on track for a fourth straight day of gains.
Overnight, the US stock market extended its gains as US policymakers agreed to a short-term deal to raise the US debt ceiling.
The Dow Jones Industrial Average rose 1%, while the S&P500 gained 0.8% and the Nasdaq added 1.1% as investors celebrated the measure to avoid a potential debt default.
“The key index may continue to track the positive sentiment in Wall Street given the fading US debt ceiling worries, coupled with the interstate border reopening talks as well as the firmer crude oil price, which has rebounded and is trading above the US$81 per barrel level,” said Malacca Securities Research.
The brokerage said the energy sector could remain attractive to investors given the firmer oil price, which has been a dominant trading theme this week.
Oil and gas major Petronas Chemicals, which has been at the forefront of the oil-inspired rally, rose four sen to RM8.72.
This was in line with the overall increase in the Bursa Malaysia Energy Index, which rose 1.75% to 779.59 after a mild bout of profit-taking yesterday.
Meanwhile, aluminium producer Press Metal jumped 18 sen to RM6.09.
In plantations plays, there was some profit-taking as CPO prices dipped from their recent record high.
IOI was down four sen to RM4.01, Kuala Lumpur Kepong lost 32 sen to RM21.98 and Sime Darby Plantation slid six sen to RM4.13.
Financial counters remained mixed with laggards including Public Bank down three sen to RM4.05 and Hong Leong Bank falling eight sne to RM18.70. Maybank was unchanged at RM8.05 while CIMB added two sen to RM4.88.
Top actives on the broader market were Alam Maritim down one sen to 4.5 sen, Opcom jumping 15 sen to RM1.61 and KNM unchanged at 22 sen.