KUALA LUMPUR: The domestic market opened on a positive note on Monday following the appointment of the country's new Prime Minister and the announcement of further easing in lockdown measures for those who are fully vaccinated against the Covid virus.
At 9.05am, the FBM KLCI was up 5.22 points to 1,523.25, resuming a bullish advance that had begun last week amid moves to relax lockdown SOPs in the country.
The Malaysian market has established a short-term uptrend in recent days, and was seen moving at odds with the regional trend last week as it rallied 1% on optimism over a growing economic recovery
This came even as major Asian markets were pummelled by fears over China's economy and a possible easing of US monetary stimulus. Stock exchanges in Hong Kong and mainland China lost over US$560bil amid concerns over increased tightening of regulations in various sectors.
While the negative regional sentiment is expected to persist, Bursa Malaysia continues to shrug off the external pressure in light of domestic developments and was seen moving higher early on Monday.
The latest easing measures include greater travel flexibility for those who have received both doses of their Covid vaccination as they are no longer subject to the two passenger per vehicle ruling and are no longer bound by the 10km travel limit, although inter-district and interstate movement remains prohibited.
The economy is expected to gather speed with the growing easing measures, leading to optimism over the recovery theme.
Among the leading banks, Maybank rose two sen to RM8.14, Public Bank gained one sen to RM3.93, CIMB climbed three sen to RM4.67 and Hong Leong Group was unchanged at RM3.94.
Telcos also advanced led by Digi rising three sen to RM4.34 and Maxis gaining one sen to RM4.51.
On the broader market, tech-related counters were among the biggest gainers led by MPI rising 50 sen to RM44.04, Genetec adding 34 sen to RM24 and Unisem climbing 18 sen to RM8.60.
Top actives were MMAG rising 2.5 sen to 15.5 sen, Advance Synergy losing 3.5 sen to 15.5 sne and Avillion adding one sen to 19 sen.