Bursa Malaysia rebounds in anticipation of US rate cut

KUALA LUMPUR: Bursa Malaysia rebounded on Wednesday on investor optimism over a rate cut at the upcoming Federal Reserve policy meeting and bumper earnings from US tech.
Investors had booked profits in broad-based selling in the previous session after three sessions of gains, but the sentiment has once again turned hopeful in the lead up to a US central bank's rate announcement tonight.
Noting the previous day's decline was in line with regional sentiment, Rakuten Trade said in its daily review it remained optimistic, given the improving market volume, which reflects growing participation in the broader market.
The FBM KLCI opened 1.01 points higher at 1,614.57, led higher by the likes of Nestle Malaysia, which had announced an improved set of earnings yesterday.
Rising RM2.90 to RM109.90, the F&B giant has climbed in recent weeks to a 14-month high on the back of investor optimism over improved demand for its products.
IHH Healthcare gained six sen to RM8.34, leading a bounce in healthcare counters after the previous day's rout. Platations group Kuala Lumpur Kepong, meanwhile, jumped 14 sen to RM21.
Among the lower liner, Dufu Technology, which reported a return to profitability in 3Q, rose 11 sen to RM1.84.
Malacca Securities recommended that traders monitor Dufu for breakout entry opportunities folowing the return of buying interest.
"We believe DUFU will continue to benefit from the growth in data storage demand, supported by the rapid expansion of AI-driven applications. The price is currently well
supported by the EMA20," it said in a note.
Top market actives included Perak Transit unchanged at 39.5 sen, TWL up 0.5 sen to three sen and Tanco gaining one sen to 91.5 sen.

Sumber : thestar.com.my