Turnaround Friday, as FBM KLCI rebounds after 4-day of losses

KUALA LUMPUR: Bursa Malaysia saw a modest rebound in early trade Friday after four straight days of losses as investors picked up oversold counters.

The benchmark index climbed 1.33 points to 1,444.26 at 9.17 am. The index opened 1.12 points higher at 1,443.97.

Nestle jumped 50 sen to RM117, Dutch Lady added 20 sen to RM22.50, Heineken gained 12 sen to RM21.84 and PETRONAS Chemicals climbed nine sen to RM7.04.

Among the losers, Rapid slid 68 sen to RM27.74, PETRONAS Dagangan eased 12 sen to RM21.90, PTT Synergy declined eight sen to RM1.089 and MBM Resources lost eight sen to RM4.25.

Overnight, the Dow Jones Industrial Average rose 0.18% to 36,117.57 points, the S&P 500 advanced 0.8% to 4,585.59 while the Nasdaq Composite jumped 1.37% to 14,339.99 points.

Malacca Securities expects bargain-hunting activities to emerge following the 4-day losing streak.

On the commodity markets, it said the Brent oil prices continue to trade around US$74 per barrel as it lacks a fresh catalyst to spur positive trade.

“In view of another new wave of AI-driven catalysts, coupled with Nvidia’s boss Jensen Huang visiting Malaysia today, we expect the buying support to return within the technology sector.

“Also, the YTL-related stocks could be seen benefiting under this scenario as they are linked to data-centre as well. Meanwhile, we opine that O&G counters may remain weak amid the softer Brent oil prices,” it added.

Apex Securities expects continued volatility in the FBM KLCI over time, as investors exercise caution eagerly waiting for additional confirmation on US job data.

“Still, bargain-hunting activities may emerge after four consecutive sessions of pullback. Key economic focus will be directed towards the US November nonfarm payroll report and Michigan’s preliminary consumer sentiment data.

“We remain cautious on the plantation sector as CPO prices continue to soften below RM3,600 per tonne driven by concern over rising stockpile in the country and weaker demand from China. Meanwhile, the technology sector may mirror the positive developments on Nasdaq overnight,” it said.

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Bursa Malaysia , FBM KLCI , KLCI


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