Bursa turns mildly higher following Wall Street rally


KUALA LUMPUR: The domestic market was seen bouncing higher on Tuesday as a rally on Wall Street helped to alleviate the selling pressure.

At 9.05am, the FBM KLCI was up 2.73 points to 1,545.26 as investors picked up bargains following the previous session's selling.

"Investors are likely to trade cautiously at the start of the session, prior to the release of Malaysia’s inflation rate tomorrow.

"Nevertheless, we believe bargain hunting activities could kick in as the concerns over inflation may have priced in and traders may focus in the recovery-themed sectors," said Malacca Securities Research in a note.

Plantations counters were seen bouncing back from recent losses with Sime Darby Plantation gaining two sen to RM5.04 and IOI rising three sen to RM4.11.

Kuala Lumpur Kepong, which is scheduled to release its earnings results later today, remained untraded.

There was also a rally in technology counters on the back of the Nasdaq's bounce overnight. MPI gained 36 sen to R31.16 and Vitrox added seven sen to RM7.19.

QL Resources rose seven sen to RM4.80, MAHB climbed seven sen to RM6.48 and Padini was up seven sen to RM3.36.

Meanwhile, electronics manufacturer Cnergenz made its debut on the ACE Market 2.5 sen higher at 60.5 sen as the second most heavily traded counter.

Topping the actives list was Green Packet up 1.5 sen to 11 sen and Sapura Energy rounding up the top three, having risen 0.5 sen to nine sen.

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Bursa Malaysia , FBM KLCI , equities

   

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