KUALA LUMPUR: The recovery trend on Bursa Malaysia may be sustained by the growing buying momentum as investor sentiment has been seen turning more positive, said Malacca Securities Research.
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“It appears that the recent pullback has come to an end and the local bourse is back on the recovery drive,” it said in a note.
However, the research firm cautioned that the gains may be measured ahead of the Malaysia state elections, coupled with the renewed volatility on Wall Street.
Overnight, the Dow Jones Index fell 0.45% to 35,314 following Moody’s ratings downgrade on US banks. The S&P500 dropped 0.4% to 4,499 and the Nasdaq Index slid 0.8% to 13,884 as jitters over the stability of the financial system returned to the fore.
At the open the, Malaysia’s FBM KLCI was down 0.7 points to 1,450.3 with some investor uncertainty over the country’s heavyweight banks.
Maybank dropped two sen to RM8.95 and CIMB dipped three sen to RM5.57.
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Press Metal also fell three sen to RM4.97 while Nestle shed 50 sen to RM131.70.
MSC dropped four sen to RM2.22 following a disappointing earnings results that saw its bottomline slide 28% to RM28.45mil.
Some early gainers included DKSH jumping 12 sen to RM5.14, EP Manufacturing rising 4.5 sen to 95 sen and Kim Loong adding four sen to RM1.89.
Top actives were Classita up 0.5 sen to 12 sen, Sapura Energy gaining 0.5 sen to six sen and Handal rising 0.5 sen to 25 sen.
– The Star