The index had opened 9.17 points higher at 1,576.51.
Market breadth was positive as advancers overtook decliners 215 to 77, while 195 counters were unchanged, 1,493 untraded and 18 others suspended.
Turnover amounted to 144.29 million shares worth RM65.89 mil.
Malacca Securities Sdn Bhd said Wall Street had rallied after hitting new highs on increasing possibilities of trade war de-escalation as US and China reportedly inched closer to an initial trade deal.
Gains in financials-related shares pushed the Dow up 0.8% and and S&P 500 by 0.9% to record levels, following stronger Treasury yields, while the Nasdaq gained 0.7%.
Optimism for a US-China trade deal was further raised when Trump tweeted: “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”
Malacca Securities said the local market may continue to drive towards the 1,580 level, followed by the 1,590 level.
“We reckon the lower liners, particularly those on the technology-heavy FBM ACE, may see stronger trading interest on the back of rotational plays.
“After close to two months of consolidation, the technology index is poised for another wave of rally amid the recovery in global semiconductor sales in October 2019,” it said in a note.
Latest updates from the United Kingdom which suggested Conservative leader Boris Johnson was en route to a commanding win in the country’s general election also underpinned market sentiment.
Among heavyweights, Tenaga rose 12 sen to RM13.26, Maybank was six sen higher at RM8.57, IHH added seven sen to RM5.43 and Hong Leong Bank increased 24 sen to RM17.
In contrast, Maxis dropped one sen to RM5.15 and Petronas Gas dropped two sen to RM16.38 after yesterday’s rally.
Of actives, Dynaciate edged up one sen to 9.5 sen, Ekovest was 1.5 sen better at 82.5 sen and Xideland was unchanged at 11 sen.
The FBM Emas Index rose 54.85 points to 11,213.88 and the FBM Emas Shariah Index appreciated 62.38 points to 11,855.51 while the FBMT 100 Index was up 54.37 points to 11,013.55.
The FBM ACE went up 8.03 points to 4,983.69 and the FBM 70 improved 31.95 points to 14,017.37.
Sector-wise, the Financial Services Index jumped 85.13 points to 15,279.27, the Industrial Products and Services Index rose 0.52 of a point to 151.18 and the Plantation Index added 30.45 points to 7,530.77. – Bernama
