KUALA LUMPUR: Bursa Malaysia staged a relief rebound on Thursday, with Hong Leong Bank underpinning the recovery following the selldown the previous day.
At 9.25am, the KLCI was up 9.45 points or 0.51% to 1,861.38. Turnover was 324.13 million shares valued at RM121.43mil. There were 267 gainers, 92 losers and 135 counters unchanged.
Asian stocks edged up as robust corporate earnings helped Wall Street quell concerns over a surge in US bond yields, while the dollar hovered near three-month highs against a basket of currencies, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.09%.
Australian stocks were flat and Japan's Nikkei rose 0.4%. South Korea's KOSPI climbed 0.5%.
Kenanga Research said after the KLCI fell for the fourth day on Wednesday from its short rally, the momentum indicators display signs of weakness, with RSI losing momentum and MACD crossing down its Signal line.
“Suggest nibbling on dip with expectation that 1,840 (S1) providing a support. Nonetheless, in the event that intense selling remains, next support is identified at 1,800 (S2).
“Conversely, expect the index to experience resistance at 1,880 (R1) and 1,910 (R2) further up should it advance higher,” it said.
Among the KLCI stocks, Hong Leong Bank rose 24 sen to RM19.08, Nestle climbed RM1.10 to RM140.20 and KL Kepong added 20 sen to RM25.68. However, CIMB lost four sen to RM7.13.
United Plantations added 36 sen to RM27.80, Hengyuan 20 sen to RM7.79 and Pos Malaysia 13 sen to RM3.58.
Among the glove makers, Kossan was up 23 sen to RMM6.78 with 300 shares done, Top Glove 19 sen to RM9.20 and Hartalega
11 sen to RM5.80.
Sapura Energy climbed 2.5 sen to 69 sen with 41.5 million shares done.
BAT fell 20 sen to RM24.50, Caely tumbled 11 sen to RM1.01 and UMW lost five sen to RM6.03.
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