KUALA LUMPUR: Malaysian semiconductor counters picked up in early morning trade following the sector s positive performance on Wall Street last week amid growing optimism over a sustained rebound.
In the opening minutes of trade, MPI rose 50 sen to RM40.50, KESM gained 34 sen to RM12.88 Vitrox added 20 sen to RM16.50, Pentamaster climbed 11 sen to RM6.08 and Unisem put on 10 sen to RM8.35.
Apart from the interest in technology counters, laggard counters such as property and construction are also expected to gain traction under the perception that they are recovering with the broader market, said Malacca Securities Research.
News of the Mass Rapid Transit 3 project being given the green light by the government spurred buying in construction stocks.
KUALA LUMPUR: Investors continued to pick up oversold counters on Bursa Malaysia, capitalising on the opportunity amid a rally in global equities and an optimistic IHS Malaysia Manufacturing PMI.
KUALA LUMPUR: Bursa Malaysia started on a rebound on Thursday following yesterday s steep sell-off on the back of rising US bond yields and political uncertainties at home.
At 9.03am, the FBM KLCI was up 8.97 points to 1,582.48 as investors picked up on bargains. We think the FBM KLCI is steeply oversold, bargain hunting may emerge over the near term tracking Wall Street overnight gains on technology stocks. We believe the broader market may recover but we expect the rebound to be short-lived and traders may adopt selling into strength strategy, said Malacca Securities Research.
From a technical perspective, the FBM KLCI had broken through the support at 1,580, and the technical indicators had turned negative.
KUALA LUMPUR: Bursa Malaysia rebounded on Thursday following yesterday s steep sell-off on the back of rising US bond yields and political uncertainties at home.
At 12.30pm, the FBM KLCI was up 5.48 points to 1,578.99 as investors picked up on bargains. The market breadth was positive with 615 gainers to 389 decliners, suggesting a broad-based retracement on oversold counters. We think the FBM KLCI is steeply oversold, bargain hunting may emerge over the near term tracking Wall Street overnight gains on technology stocks. We believe the broader market may recover but we expect the rebound to be short-lived and traders may adopt selling into strength strategy, said Malacca Securities Research.
Weak sentiment, glove counters weigh on Bursa thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.