The FBM KLCI extended its gains throughout the morning session and has been in a range that has reached the psychological level of 1,600 points.
At 3.20pm, the benchmark index rose 6.34 points to 1,595.63. The index has risen above its 50-day simple moving average (SMA) for the first time since falling below it a month ago.
Trading volume on Bursa Malaysia was 1.72 billion shares changing hands for RM1.32 billion.
The FBM KLCI’s gains were broadly led by financial heavyweights ahead of the corporate earnings period.
Meanwhile, regional markets were mixed ahead of the release of the US consumer price index on Wednesday night which will determine the US Fed’s outlook on interest rates.
However, among the lower-priced stocks there was downward pressure as the number of losers outnumbered the gainers by 500 to 394.
Maybank rose 14 sen to RM10.60, Public Bank rose seven sen to RM4.52 and RHB added eight sen to RM6.56.
Nestle surged 86 sen to RM91.66, on track for a three-week high, while QL Resources added six sen to RM4.67 and SD Guthrie rose five sen to RM4.85.
