There were 232 gainers compared with 102 decliners for a positive market breadth.Overnight, Wall Street's major indices rose for a second straight day following recent strong earnings results from market bellwethers. Investors are now looking forward to earnings announcements from technology majors including Alphabet and Microsoft later today and Apple and Amazon due on Thursday.
Kenanga Research however struck a cautious note, suggesting the Malaysian benchmark could see resistance to further upward movement. "A bear market trap is most likely underway following last week’s relief rally on the Malaysian bourse," it warned investors in its weekly technical outlook."On the balance, the benchmark index will probably pull back initially and slide below our resistance-turned-support line of 1,440 before swinging sideways subsequently inside the 1,395 – 1,440 range," it added.
On the blue-chip index, Maybank jumped seven sen to RM8.73 and CIMB gained four sen to RM5.57 to lead the rally.Active stocks on the market included Eduspec flat at two sen,