Bursa Malaysia rises as corporate earnings in focus

KUALA LUMPUR: Anticipation over corporate earnings from domestic heavyweights are helping to shore up the stock market, which opened higher for a second straight day despite heightened uncertainty in the global geopolitical scene.
The FBM KLCI rose 2.47 points to 1,587.43 at the start of Tuesday trading amid expectations of more blue-chip results over the coming days.
The domestic market looks to outperform Wall Street's uneventful overnight session, with all three of its major indices ending little changed. The Dow Jones and S&P500 were down 0.08% and 0.01%, while the Nasdaq edged up 0.03%.
"Despite Wall Street's mixed performance, the FBMKLCI is expected to extend its bullish momentum today.
"We remain optimistic on YTL Power, following the news
that YTL Power, CelcomDigi and Maxis injected an additional RM116.7mil each into Digital Nasional to fund the country's second 5G rollout, potentially increasing the trading appetite for telco companies like Time dotCom and Telekom Malaysia," said Malacca Securities in a note.
The research firm said other companies that are expected to benefit from the data center and AI development include those in the property and utility sectors.
On the external front, global investor attention has been transfixed on talks between US President Donald Trump and Ukraine's President Volodymyr Zelensky to negotiate a potential peace deal that could end the conflict with Russia.
Also keeping investors on their toes is the Jackson Hole symposium later this week, where the Federal Reserve is expected to drop signals as to its thinking over policy and interest rates.
According to CME FedWatch, the probability of a US rate cut in September stands at 83.6% with only 16.4% odds of the Fed staying put on the lending rate.
On Bursa Malaysia, top actives were TWL unchanged at 2.5 sen, Metronic up 0.5 sen to 12 sen and Toyo Ventures rising one sen to 36 sen.
BLue chips on the rise included Nestle, up 52 sen to RM87.54, Sunway gaining seven sen ot RM4.81 and Gamuda climbing nine sen to MR5.79.

Sumber : thestar.com.my