Buying support may persist as traders anticipate Budget 2024 catalysts, says analyst.
KUALA LUMPUR: Bursa Malaysia extended yesterday’s gains at the opening bell today, taking its cue from Wall Street’s better performance overnight amid traders adopting a cautious mode ahead of the release of US consumer inflation data later today and of Budget 2024 tomorrow.
“Over in Hong Kong, the Hang Seng Index jumped by 228 points on optimism of a stronger Chinese economic recovery and that the US may stop hiking rates going forward,” he told Bernama. Meanwhile, Malacca Securities Sdn Bhd said following the positive sentiment overall in the global stock markets, the brokerage firm expects buying support may persist on the local front, revolving around the ideas and catalysts in the upcoming Budget 2024, at least for the near term.
“We like the renewable energy sector as the National Energy Transition Roadmap blueprint will be boosting the appetite for renewables going forward,” it added.
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