KLCI rebounds from two days of losses

KUALA LUMPUR: Bursa Malaysia rebounded at the open following two straight days of losses as investors picked up on sold-down counters.

At 9.10am, the FBM KLCI was up 7.58 points to 1,586.49, returning above the 1,580 support.

Malaysia's key index has been trending sideways with a downside bias given the lack of positive catalysts, which was compounded by a bank Sri Lanka's ban on palm oil imports from Malaysia.

"Taking cues from the overnight Wall Street, we expect sentiment to remain on the sidelines without any significant market leads and the FBM KLCI may continue to trend sideways," said Malacca Securities Research.

Nevertheless, tech-related stocks continued to see positive momentum led by Vitrox up 28 sen to RM15.98, KESM gaining 22 sen to RM12.93, and KGB rising 17 sen to RM2.28.

Blue chips making early headway included Hong Leong Bank up 16 sen to RM18.80 and Petronas Gas gaining 14 sen to RM15.78.

Of actives, Matang fell 0.5 sen to 12 sen, Dataprep dropping 23.5 sen to 86.5 sen and Connect sliding 0.5 sen to 23 sen.
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Bursa Malaysia , FBM KLCI , equities


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