KUALA LUMPUR: There was some reprieve for Bursa Malaysia on Thursday following a 2.3% plunge in the benchmark index in the previous session that took it to a fresh 14-month low.
Wall Street investors hit pause on selling overnight after the release of weaker-than-expected inflation data, giving investors on Bursa Malaysia some sense of relief, sparking a slight rebound on the FBM KLCI.
At the open, the benchmark index was 3.96 points higher at 1,488.79.
Some market leaders included Gamuda up 14 sen to RM3.91, Tenaga Nasional rising 16 sen to RM13.16, YTL Power adding seven sen to RM3.04 and Sunway climbing nine sen to RM4.26.
Of actives, NexG was flat at 25.5 sen, Saliran unchanged at 27 sen and PHB down 0.5 sen ot 0.5 sen.
TA Securities expects further downward correction over the near-term due to foreign selling pressure amid prevailing concerns over US President Donald Trump's tariff war broadening to hurt global economic growth.
"Immediate index support is lowered to 1,472, with next key retracement supports seen at
1,450, followed by 1,433.
"Immediate resistance is also revised down to the 1,500 psychological level, with tougher resistance seen at 1,550, then 1,580," said the research firm.
In a separate market note, Malacca Securities said it saw trading opportunities in oversold technology stocks, especially with the recent collaboration with Arm Holdings.
It is also bullish on the banking sector despite increased selling pressure post-dividend ex-data as growing income and dividends should cushion downside risk.
The research firm added that it favours REITs due to recovering footfall in major malls.
