KUALA LUMPUR: Investors on Bursa Malaysia started the day uncertain of direction given Wall Street's mixed performance overnight.
A pullback in technology stocks weighed on sentiment even as investors cheered the recent remarks at the Jackson Hole Symposium, which affirmed a US interest rate cut in September.
At market open, the benchmark FBM KLCI was up 0.2 points to 1,639.16, a flattish start that suggested investors had already priced in a rate cut, and was looking ahead towards the depth of the interest rate reduction, as well as the strength of the economy.
Malacca Securities Research said local tech companies could see selling pressure following the pullback in gobal tech.
"However, the stronger ringgit may positively impact the consumer, construction, and financial sectors.
"Additionally, the property sector could benefit
from the news of Tropicana’s land sale to a data centre provider," it said in a note.
Blue chips on the rise included Maybank up four sen to RM10.58, IOI Corp gaining four sen to RM3.83 and Tenaga adding six sen to RM13.98.
Top actives on the market were Elridge up one sen to 46 sen, Velesto
adding 0.5 sen to 22 sen and MMAG climbing 1.5 sen to 33.5 sen.
