KUALA LUMPUR: Bursa Malaysia rebounded slightly on Wednesday following the Prime Minister's announcement that the country's borders would reopen on April 1 as as it transitions to a Covid-19 endemic stage.
At 9.05am, the FB KLCI was up 4.8 points to 1,551.67, halting the steep decline that was recorded on the market over the past two days.
However, Malacca Securities Research expects the rebound not to last given the negative impact of rising commodities prices on the economy.
"Although there might be mild bargain hunting activities in selected commodity sectors, we expect overall gains are likely to be short-lived, taking cue from the overnight Wall Street performance.
"Do note that investors will be monitoring the elevated commodity prices that may translate to significant inflation and input costs to various industries," it said in a report.
US President Joe Biden announced overnight that his administration was implementing a ban on Russian oi, natural gas and coal import to the US in response to the Russian invasion of Ukraine.
Observers have noted that the move could lead to further increases in the price of energy, leading to soaring inflation.
Meanwhile, investors sought to buy up some bargains on on Bursa Malaysia following the recent selldown.
Public Bank was up four sen to RM4.34 and Petronas Chemicals rose four sen to RM9.74.
In plantations, Sime Darby Plantation added four sen to RM5.09 and IOI gained six sen to RM4.37.
There was also some positive movement in tech stocks with MPI bouncing 50 sen to RM27.60 and Vitrox gaining 25 sne to RM6.15.
Top actives included Capital A rising one sne ot 67.5 sen, DNex climbing two sen to 95.5 sen and SMTrack unchanged at 10.5 sen.
At 9.05am, the FB KLCI was up 4.8 points to 1,551.67, halting the steep decline that was recorded on the market over the past two days.
However, Malacca Securities Research expects the rebound not to last given the negative impact of rising commodities prices on the economy.
"Although there might be mild bargain hunting activities in selected commodity sectors, we expect overall gains are likely to be short-lived, taking cue from the overnight Wall Street performance.
"Do note that investors will be monitoring the elevated commodity prices that may translate to significant inflation and input costs to various industries," it said in a report.
US President Joe Biden announced overnight that his administration was implementing a ban on Russian oi, natural gas and coal import to the US in response to the Russian invasion of Ukraine.
Observers have noted that the move could lead to further increases in the price of energy, leading to soaring inflation.
Meanwhile, investors sought to buy up some bargains on on Bursa Malaysia following the recent selldown.
Public Bank was up four sen to RM4.34 and Petronas Chemicals rose four sen to RM9.74.
In plantations, Sime Darby Plantation added four sen to RM5.09 and IOI gained six sen to RM4.37.
There was also some positive movement in tech stocks with MPI bouncing 50 sen to RM27.60 and Vitrox gaining 25 sne to RM6.15.
Top actives included Capital A rising one sne ot 67.5 sen, DNex climbing two sen to 95.5 sen and SMTrack unchanged at 10.5 sen.
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