KUALA LUMPUR: Bursa Malaysia rebounded after a shaky start on Wednesday morning amid broad-based declines in the global markets as concerns mounted over Trump’s trade tariffs.
The FBM KLCI opened 1.76 points lower at 1,566.27, although it picked up shortly on bargain-hunting. As at 9.25am, the benchmark was up 6.97 points to 1,575.
According to Rakuten Trade, Wall Street, which put on a mixed showing overnight, continues to struggle as traders worry over the weakening consumer confidence in view of Trump’s impact on the US economy.
This is expected to lend to downside pressure on the domestic market.
“The recent foreign sell-down has been unrelenting and though we see this as an opportune time to accumulate shares, we advocate investors to remain vigilant,” said Rakuten in its morning note.
“At current levels, the local bourse is trading at a reasonable 14.5x CY25 PER and we still hold the view that foreign buyers may return anytime soon.
“For today, we expect the index to trend within the 1,565-1,575 range asconfidence has turned fragile,” it added.
Among early laggards, Kuala Lumpur Kepong lost 22 sen to RM20.90, QL Resources shaved five sne to RM4.66 and CelcomDigi dropped four sen to RM3.42.
Gainers included PETRONAS Dagangan adding 22 sen to RM21.20 and Telekom climbing 17 sen to RM6.87.
Padini rose 11 sen to RM1.72 following the release of its earnings result yesterday while Leong Hip gained one sen to 62 sen, also on a positive result announcement.
-TheStar