KUALA LUMPUR: The domestic market may rebound following the previous session’s losses on the back of the rally on Wall Street overnight although sentiment remains capped by a lack of local leads and cues from US policymakers at the upcoming Jackson Hole Symposium.
In its review, Malacca Securities Research said it anticipates the market to take on sideways trading due to the absence of significant leads and more certainty from major central banks over the direction of interest rates amid the elevated inflation threat.
“Immediate index chart supports stay at the recent low of 1,433, then 1420/1,400, while resistance will be at the recent 1,464 high and 1,470, with next upside hurdle from the 1,490/1,500 levels,” ‘it said.
At the start of trading, the benchmark FBM KLCI was up 1.41 points to 1,441.52 as investors sought to erase some of the double-digit loss recorded in the previous day.
Bank stocks, which are in the spotlight as their earnings results are slated to be announced over the coming days, rallied.
Maybank rose three sen to RM9.02, Public Bank gained two sne to RM4.10, CIMB added two sen to RM5.60, Hong Leong Bank rose six sen to RM19.86 and RHB climbed four sen to RM5.69.
There was also some retracement in plantation counters with Sime Darby Plantation adding two sen to RM4.34, IOI rising for sen to RM4.01 and Kuala Lumpur Kepong unchanged at RM22.50.
Technology counters on Bursa were also buoyed by the tech rally on Wall Street, as investors anticipated the outcome of Nvidia’s earnings report, which could further spur buying in artificial intelligence plays.
The Bursa Malaysia Technology Index was up 0.35% to 63.71, with notable gainers being Frontken up four sen to RM3.42, Greatch rising five sen to RM4.60 and Inari Amertron gaining three sen to RM3.08.
Top actives on Bursa included Hong Seng down 0.5 sen to five sne, Reach Energy rising one sen to 4.5 sen and Parkson down one sen to 35.5 sen.
– The Star