Bargain hunting lifts Bursa Malaysia in early trade

KUALA LUMPUR: Stocks on Bursa Malaysia could trend higher today, lifted by some bargain hunting activities following the steep decline on Tuesday.

At 9.16am, the FBM KLCI added 0.79 of a point to 1,455.62. The index opened 0.18 of a point higher at 1,455.01.

Rakuten Trade reckoned the index to trend within the 1,450-1,460 range today as some bargain hunting activities may emerge.

“On a more positive note, we noticed volume traded on the local bourse remained elevated at above four billion shares,” it added.

Meanwhile, TA Securities said stocks should stay range bound for profit-taking consolidation to neutralise overbought momentum on recent strong gainers, and pending fresh leads to sustain positive sentiment.

“Immediate index support cushioning downside will be at 1,440, then 1,433, with stronger subsequent support at 1420/1,400, while overhead resistance remains at 1,464/1,470, with next tougher resistance seen at the 1,490/1,500 level,” TA said.

Among the gainers, Panasonic Manufacturing rose 18 sen to RM21.26, PETRONAS Dagangan added 16 sen to RM22.86 and United Plantations climbed eight sen to RM16.

Ajinomoto slid eight sen to RM15.72, Hong Leong Bank fell eight sen to RM19.82 and Paragon declined seven sen to RM2.75.

Overnight, the U.S. market declined following concerns over inflation as oil price rose after Saudi Arabia and Russia extended their supply cuts. Similarly, European markets also declined after higher consumer inflation expectations and lower PMI.

The Dow Jones Industrial Average lost 195.74 points, or 0.56%, to finish at 34,641.97. The S&P 500 dropped 0.42% to close at 4,496.83. The Nasdaq Composite edged down 0.08% to settle at 14,020.95.

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KLCI , Bursa Malaysia , FBM KLCI


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