KUALA LUMPUR (May 3): A majority of penny stocks on Bursa Malaysia advanced this morning, on overall risk-on approach of investors coupled with better market sentiment, which helped boost investors' confidence level.

"The foreign investors' inflows also continue doing quite well that it helps to boost the confidence level of retail investors," Areca Capital Sdn Bhd chief executive officer Danny Wong told the edgemarkets.com via telephone.

He said even the index level has begun to run and now investors start looking at the potential rally on small-mid cap stocks.

"Usually the big cap runs up first and followed by the small-mid cap in which they (small-mid cap) will have their day.

"In terms of returns, the small-mid cap will have more return and greater percentage wise," he added.

At 11.10am, some of the penny stocks that advanced included Anzo Holdings Bhd, up 1.5 sen or 4.92% to 32 sen; Focus Dynamics Group Bhd, which rose one sen or 6.67% to 16 sen; and Globaltec Formation Bhd, which increased 0.5 sen or 10% to 5.5 sen.