Slight rebound in store for Bursa

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KUALA LUMPUR: The domestic market may stage a rebound after its recent sustained losses although investor sentiment remains weak on soft US economic data.


Overnight, the US major US indices were mixed with a decline in the Dow Jones and an uptick in the technology-heavy Nasdaq despite the 10-year Treasury yield hitting a 16-year high.

Malacca Securities Research expects Bursa Malaysia to rebound on the back of bargain-hunting activities while the positive Nasdaq movement could lend buying support to technology stocks on the local front.

“Meanwhile, given the crude oil prices tumbled overnight, profit taking activities may be seen on the O&G stocks.

“Still, we believe the traders may position themselves ahead of the Budget 2024 (13th of October) within the construction, building materials and renewable energy sectors,” said the research firm in a note.


At the opening bell, the benchmark FBM KLCI was down 0.18 points to 1,418.58 as investors searched for direction. A week-long holiday in mainland China markets typically marks a slow trading period in the region due to an absence of trading leads.

Blue chips were slightly improved on the back of bank stocks including Maybank up three sen to RM8.78, Public Bank rising two sen to RM4.08 and CIMB adding one sen to RM5.41.

PETRONAS Gas rose four sen to RM16.80, PETRONAS Chemicals was up one sen to RM7.08 and IOI added three sen to RM3.98 an

The Bursa Malaysia Technology Index was marginally higher at 62.47 as local tech counters piggybacked the rebound in the Nasdaq overnight.

Stocks in the sector seeing some positive action included Unisem up one sen to RM3.27, CTOS Digital gaining one sen to RM1.41 and Globetronic up one sen to RM1.56.

Among actives, Ekovest was unchanged at 51.5 sen, Tanco was flat at 55 sen and MBright was also unchanged at 24 sen.

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