KUALA LUMPUR: A strong performance on Wall Street helped Bursa Malaysia extend a rebound as global markets retraced some of the recent losses due to fears over interest rate hikes.

       "We believe that the local bourse may attempt to build onto yesterday’s gains, capitalising on the recovery move yesterday on the back of the robust retail sales data for December 2021, which is at record high of RM120.5bn (+3.5% YoY)," said Malacca Securities Research in a report.

       However, it noted that cautiousness prevailed due to the US inflationary data scheduled to be released tonight.

       Also being keenly watched on the domestic front is Malaysia's economic growth results due to be released tomorrow.

       "We continue to favour the recovery theme stocks ahead of the 4Q21 GDP data tomorrow. Mirroring the positive move on Nasdaq overnight, the technology sector is also returning to the spotlight," said the broker.

       At 9.05am, the FBM KLCI was up 2.96 points to 1,554.47 led higher by banks and commodities counters. The market breadth was positive with 214 gainers compared to 95 decliners.

       Maybank was seen adding two sen to RM8.52 and Hong Leong Bank climbed 18 sen to RM20.14. However, CIMB was down three sen to RM5.37 while Public Bank remained unchanged at RM4.30.

       Press Metal rose three sen to RM6.52 and Petronas Chemicals rallied three sen to RM9.11. In plantations, Sime Darby Plantation gained six sen to RM3.72 and Kuala Lumpur Kepong jumped 58 sen to RM22.64.

       Technology counters were seen rallying on the back of the Nasdaq's performance overnight. MPI added 88 sen to RM39.88, Vitrox gained 13 sen to RM8.25 and Inari climbed seven sen to RM3.36.

       Top actives on the market were MMAG unchanged at eight sen, Sedania up 1.5 sen to 52 sen and SMTrack gaining 0.5 sen to 19 sen.