At 9.26am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.46 points at 1,566.75 from Tuesday's close of 1,564.29.
The index opened 0.1 points at 1,564.39.
It opened in an uptrend following continued support of buying momentum on selected heavyweights.
On the broader market, investors saw gainers outnumber losers by 335 to 159, while 292 counters were unchanged, 1,481 untraded and 31 suspended.
Total turnover at 485.17 million units worth RM195.18 million.
A note issued by Malacca Securities Sdn Bhd stated that while investors are preparing for rate hikes and uncertainty due to the new Covid-19 variant, it expects there may be some recovery on the local bourse after sentiment may be lifted by the National Recovery Plan (NRP) 2.0. that is coming.
In addition, the firm also expects oil, gas and plantation counters to be supported by strong commodity prices while investors may gain buying interest in the consumer sector and a recovery theme as the government drafts NRP 2.0.
Heavyweights saw Malayan Banking Bhd fall 1 sen to RM8.49, Public Bank Bhd and CIMB Group Holdings advanced 1 sen to RM4.24 and RM5.63, Petronas Chemicals Group Bhd rose 5 sen to RM8.95 while IHH Healthcare Bhd remained flat. at RM6.65.
Active stocks saw OCR Group Bhd decline 1 sen at 17.5 sen, SMTrack Bhd and AT Systematization Bhd remained at 30 sen and 3 sen respectively while Sapura Energy Bhd rose 0.5 sen at 5.5 sen.
On the index board, the FBM Emas index rose 30.61 points at 11,318.18, FBM Emas Shariah added 4.39 points at 12,081.76, FBM 70 reached 75.96 points at 14,224.97, FBMT 100 index drove 26.81 points at 11,013.58 and FBM ACE rose 14.88 points at 6,631.55.
The Products and Services Industry Index added 0.89 points at 204, the Financial Services index drove 2.04 points at 16,179.17 and the Plantation index declined 2.35 points at 6,766.27.
