KUALA LUMPUR: The FBM KLCI made a mild rebound on Tuesday as bargain-hunting emerged following yesterday’s sell-down triggered by the government’s potential downward revision of the country economic growth forecast.
At 12.30pm, the key index was up 4.53 points to 1,517.42.
“Given the improvement in vaccination rate and a slight decline in Covid-19 daily infections, the market may see buying interest in certain recovery theme stocks such as essential consumer, property and banking.
“Besides, the technology stocks should continue to bode well amid the positive performance in the Nasdaq,” said Malacca Securities Research.
The research house pegged resistance to 1,525-1,548 and support at 1,500.
Among the blue chips, Maybank rose four sen to RM8.10 while Axiata gained five sen to RM3.79 and Top Glove climbed eight sen to RM3.79.
Other gainers included Digi up four sen to RM4.23, PPB rising four sen to RM18.22 and Press Metal adding one sen to RM4.84.
Top actives on the broader market were Pasukhas jumping 5.5 sen to 34.5 sen, VSolar unchanged at 1.5 sen and market debutant Ramssol climbing 6.5 sen to 51.5 sen.
In regional markets, sentiment was bullish following Wall Street’s record performance overnight, ahead of the start of the US corporate earnings season.
Japan’s Nikkei and South Korea’s Kospi each jumped 0.7% while China’s main index added 0.2%.
Hong Kong’s Hang Seng surged 1.9% while Australia’s ASX200 edged 0.2% higher.