Rally takes off following Wall Street rebound

KUALA LUMPUR: Bursa Malaysia extended its bounce as the sharp overnight rally on Wall Street encouraged bargain-hunting following a brutal September.

At 9.05am, the FBM KLCI was up 6.84 points to 1,404.46. The market breadth was 291 gainers compared with 63 decliners.

Trading volume was 126.29 million shares valued at RM73.74mil.

Following a surge in US equities, which brought major indices up over 2% each, Asian markets are starting on a high note in an attempt to reclaim some of the previous month's losses.

However, Malacca Securities Research noted that the lingering global recession fears and a lack of fresh positive catalysts could mean investors will sell on strength.

However, it added that investors will remain focused on the tabling of Budget 2023 this Friday.

"Sectors such as solar related, construction, and telecommunication may see some buying interest. Meanwhile, the rising crude oil may lift the energy counters over the near term," it said in its daily outlook.

On the FBM KLCI, bank stocks rallied with Maybank rising four sen to RM8.64, Public Bank gaining three sen to RM4.28, CIMB climbing six sen to RM5.18 and Hong Leong Bank jumping 26 sen to RM20.78.

Press Metal rose six sen to RM4.05, PETRONAS Chemicals gained six sen to RM8.45 and Tenaga Nasional added five sen to RM8.23.

Of top actives, PT Resources gained 1.5 sne to 47 sen, SNS rose 0.5 sen to 27.5 sen and Scomi Energy added 2.5 sen to seven sen.

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Bursa Malaysia , FBM KLCI , equities


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