KUALA LUMPUR: Malaysia's benchmark index bounced higher in early morning trade following yesterday's sharp sell-off on the back of the US Federal Reserve's renewned commitment to raise interest rates.
At 9.05am, the FBM KLCI was up 4.03 points to 1,424.21, mostly driven by bank stocks, although analysts expect the market to remain weak given the negative economic sentiment and current adversity to equities.
"We believe the local bourse performance may be impacted by the gloomy sentiment over the near term as investors anticipate further interest rate hikes by the US Fed to tackle inflation, contributing to the recession fears," said Malacca Securities Research in a note.
It noted also that foreign investors fled the market yesterday with outflows accelerating to a five-day net total of RM114.5mil
However, the research firm said that investors could position themselves ahead of GE15 and the peak November reporting period.
"The construction and banking sectors may gain momentum ahead of the GE15 following a heavy selldown.,
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"Meanwhile, we believe the politically-neutralsectors such as telecommunication and O&G may see some bargain hunting activities.
"However, the technology stocks may remain in its downtrend move along with the significant selling on Nasdaq," it added.
On the FBM KLCI, there was a rebound in bank blue-chips following the previous session's slump. Maybank rose six sen to RM8.46, Public Bank gained one sen to RM4.37, Hong Leong Bank jumped 34 sen to RM20.78 and RHB added three sen to RM5.51.
In other sectors, IHH Healthcare added four sen to RM5.95, MISC gained three sen to RM7.15 and Dialog rose two sen to RM1.99
On the broader market there were 165 gainers compared with 127. Trading volume was 157.17 million shares valued at RM62.87mil.
Top actives included Citaglobal down 0.5 sen to 28.5 sen, Metronic flat at two sen and Awantec up two sen to 51.5 sen.