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    HomeBusinessBursa maintains rebound as bargain-hunting continues

    Bursa maintains rebound as bargain-hunting continues

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    KUALA LUMPUR: The recent rebound in Bursa Malaysia and the opportunity to pick up oversold counters may attract more bargain-hunting activities in the near term, according to Malacca Securities Research. The calmer market conditions create a chance for rotational play among the lower liners, but recovery may be limited. “Investors should closely monitor the US inflation rate, which will be released tomorrow night, as it could provide further clues on the direction of interest rates in the US,” the research firm said in a note.

    On the other hand, TA Securities Research maintains a more bearish outlook on the domestic market due to ongoing external headwinds. It expects the local market to drift sideways in the immediate term, with cautious market undertones and slowing regional growth momentum restricting investor commitments. In the market commentary, TA Securities Research stated that the immediate overhead resistance for the index is at 1,400, with stronger resistance levels at 1,420 and the 200-day moving average at 1,439. Key support levels are at 1,369 and 1,350.

    As trading began on Tuesday, Malaysia’s benchmark FBM KLCI increased by 3.03 points to reach 1,386.09, but it remained capped by the short-term 21-day simple moving average. While other banks remained relatively unchanged, Hong Leong Bank was a notable outperformer, rising by 20 sen to RM19.02. Some early gainers in the market included Heineken, which increased by 28 sen to RM25.80, Carlsberg, which rose by 18 sen to RM20.34, and KLCC, which climbed by 14 sen to RM6.97.

    EP Manufacturing experienced a significant leap of 11.5 sen to 82.5 sen after securing conditional approval from authorities for a license to manufacture energy-efficient and electric vehicles. Notable leading actives included Revenue, which increased by 0.5 sen to 26 sen, Tanco, which decreased by 0.5 sen to 51.5 sen, and Jade Marvel, which rose by one sen to 23 sen.

    ALSO READ:  Malaysia attracts RM1.4bil in foreign investment in July 2023.





    Credit: The Star : Business Feed

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