KUALA LUMPUR: As investors look ahead to the Labour Day weekend, trading on Bursa Malaysia is expected to remain muted although there could be some upside following the rally on Wall Street overnight.
Malacca Securities Research expects the surge in US markets, bolstered by estimate-beating earnings from Meta, will help Bursa Malaysia retrace some of the losses seen earlier this week.
“We should anticipate a broad-based rebound on the market coupled with the return of buying interest within the technology stocks following a good set of results from Wall Street.
“Also, with the investors brushing off the recessionary fears at least for the near term after a mild growth was observed in the US GDP, investors may take on some exposure within the banking sector,” it said in a note.
At 9am, the benchmark FBM KLCI was up a marginal 0.19 points to 1,418.24.
The Bursa Malaysa technology index rose 0.8% to 61.37, nearly erasing the losses made over the previous two trading sessions, while the financial services index edged up 0.1% to 15,568.
Among blue chips, PETRONAS Chemicals rose three sen to RM7.07, Tenaga Nasional gained three sen to RM8.91 and Inari Amertron rose four sen to RM2.31.
Top actives included Bintai Kinden down 0.5 sen to three sen, Aimflex rising 0.5 sen to 19 sen and Jade Marvel unchanged at 28 sen. – The Star