Bursa tracks Wall Street's bounce amid anxiety over Fed meet
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KUALA LUMPUR: Bursa Malaysia rose in early morning trade following the slight bounce on Wall Street overnight as investors waited anxiously for the start of the Jackson Hole Economic Symposium later tonight.
At 9.05am, the FBM KLCI was up 3.71 points to 1,470.97. The market breadth was positive with 162 gainers and 107 decliners.
Trading volume was 149.95 million shares valued at RM41.8mil.
Investors are on tenterhooks as US Federal Reserve chairman Jerome Powell is expected to give statements during the meet, which would offer insight as to the pace of interest rate hikes forward given lastest developments in the economy.
"Given the flattish performance on Wall Street we expect trading interest may stay muted on the local front, especially ahead of theJackson Hole meeting, where traders are speculating a more hawkish tone fromthe Fed.,
"However, we think some bargain hunting activities may emerge within the technology sector after the selldown, at least for today," said Malacca Securities Research in a report.
Banks were mostly unchanged as their quarterly earnings results are expected to start trickling in from today. However, Maybank picked up three sen to RM8.8 and RHB rose four sen to RM5.74.
Telcos were also mostly higher with Axiata gaining four sen to RM2.95, Digi rising three sne to RM3.57 and Maxis untraded.
PETRONAS Dagangan slid 14 sen to RM16.94 following the release of its earnings yesterday evening.
On the broader market, oil and gas counters were lifted by rising crude prices. Hengyuan jumped 16 sen to RM5.45, Petron Malaysia added 14 sen to RM5.70 and Hibiscus Petroleum rose 2..5 sen to 98.5 sen.
Top actives included TWL unchanged at five sen, Serba Dinamik down 0.5 sen to four sen and Euro unchanged at 12.5 sen.