Investors look forward to positive earnings reports
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KUALA LUMPUR: The domestic market shrugged off news of China's economic slowdown to restart its rally on Tuesday as investors looked forward to positive results in the ongoing earnings season.
At 9.05am, the FBM KLCI was up 4.5 points to 1,508.51.
There were 139 gainers compared with 114 decliners. Trading volume was 110.22 million shares valued at RM69.63mil.
According to Malacca Securities Research, a slowdown in China's economy could indicate risk and a spike in recession fears.
"Commodities wise, the crude oil price declined amid expectation on China’s lower demand outlook, trading around the USD95 per barrel mark, while the CPO traded above RM4,200," it said in a report.,
"Traders may reduce exposure in the energy stocks along with the softer oil prices triggered by potential slowing demand from China.
"On the other hand, investors may accumulate solid consumer, plastics, and REIT as earnings season kicked off, in view of the improving GDP earlier," it added.
Leading blue chips higher, Maybank rose three sen to RM8.94, PETRONAS Chemicals added three sen to RM8.81 and Tenaga Nasional gained five sen to RM8.77.
Glove counters rebounded slightly in active trade following the previous session's sharp looses. Top Glove added 1.5 sen to 81 sen, Kossan Rubber gained 0.5 sen to 99 sen and Hartalega climbed four sen to RM1.90.
Among technology stocks, Dagang Nexchange rose one sen to 90 sen, D&O Green Tech gained one sen to RM4.12 and UWC added three sen to RM3.98.