The market is expected to continue its upward trend on July 16, underpinned by strong interest in blue chips, especially big capitalised stocks including banks and plantations.
Sentiment on Bursa Malaysia has perked up over the past two days, shored up by the firmer Wall Street and fresh batch of analysts reports about a recovery in the US and Europe, especially China and Singapore.
Intel led the stock rally charge in the US markets early July 15. The chip maker posted better-than-expected results late Tuesday and gave a rosy sales forecast for the current quarter.
China is scheduled to announce its GDP data in the morning.
The 11-month high close on Bursa Malaysia saw the 30-stock FBM KLCI closing just below the key 1,100 level. However, more fresh economic data and stronger corporate news will be needed for the FBM KLCI to stay above the 1,100 level.
A firmer recovery in the economies will see greater focus on bank stocks, which of course led the rally on Wednesday.
Plantation stocks could also attract fresh interest, with the third-month crude palm oil futures staying firmly above the RM2,000 level. IOI Corp, KL Kepong and Sime Darby would be stocks to watch.
In Goh Ban Huat, Tan Sri Tan Hua Choon, or Robert Tan, was given more time by the Securities Commission (SC) to despatch his offer document in his takeover for the company. Prior to the extension, he was required to despatch the document tomorrow.
Tan had announced his takeover offer on June 25, for the remaining 69.55% stake he did not already own in GBH, at RM1.25 a share. His interest rose to 33.11% following the announcement of the offer.
Merge Energy will be uplifted from classification as an amended Practice Note 17 company. Bursa Securities decided to approve the company's application for upliftment from the PN17 status without having to submit a plan to regularise its condition.