At 12.30pm, the key index was up 3.86 points to 1,521.89, after finding itself on a firmer footing last week above the 1,500 level.
Malacca Securities Research believes the improved sentiment is also owing to the appointment of the new Prime Minister, which has lent stability to the political scene although risks remain with the elected Covid-19 cases in the country. "With the key index hovering firmer above the 1,500 level, investors may expect further upside towards next resistance at aroun 1,540 while the support level is set around 1,480," it said.Bank stocks were also higher, led by Maybank up two sen to RM8.14m CIMB rising three sen to RM4.67, Public Bank up one sen to RM3.93 and Hong Leong Bank adding two sen to RM18.36.
Tech-related counters rallied as global semicondictor stocks tracked the rally in the Nasdaq last Friday.Among actives, MMAG was up 0.5 sen to 12.5 sen, Fintec was flat at 2.5 sen andIn Asian markets, equities rebounded following last week's rout on the back of a tighter regulatory controls in China and worries over the US easing monetary stimulus.CHina's benchmark index was up 1% and Hong Kong's Hang Seng jumped 1.8%.