KUALA LUMPUR: The sell-off on Bursa Malaysia appears to have ended following the slight bounce on Wall Street overnight that indicated markets have stabilised for now.
At 9.05am, the FBM KLCI was up 8.55 points to 1,476.99.
The market breadth was positive with 149 gainers compared with 75 decliners. Trading volume was 82.42 million shares exchanging hands for RM36.87mil.
There was a heavy selling of equities in global markets yesterday as the recent high US inflation data sent investors rushing to price in an expected 75 basis point rate hike at next week's coming Federal Open Market committee meeting.
"We believe markets should remain volatile at least until the FOMC meeting which will be held next week as investors will be waiting
for more clarity from the Fed’s Chairman Jerome Powell going forward on the interest rate decision," said Malacca Securities Research.
It added that geopolitical uncertainties could be capping the upside reward at this juncture.,
On Wall Street, the major indices chalked up mild gains as investors attempted to find their footing ahead of more hawkish expectations from the Fed.
The Dow Jones rose 0.1% while the S&P500 added 0.3% and the Nasdaq recovered 0.7%.
On Malaysia's blue-chip index, Maybank reclaimed seven sen to RM8.92, Public Bank gained four sen to RM4.48, IB added seven sen to RM5.46 and Hong Leong Bank rose 20 sen to RM20.90.
PETRONAS Gas was up 10 sen to RM16.94 although PETRONAS Chemicals fell five sen to RM8.65. IHH Healthcare added 10 sen to R6.30.
Oil and gas counters were also up following a slight advance in Brent crude prices past the US$94 a barrel mark.
Hengyuan rose eight sen to RM4.69, Dialog added four sen to RM2.24 and Yinson gained five sen to RM2.34.
Among technology plays, UWC rose seven sen to RM4.17, MI Technovation rose three sen to RM1.37 and D&O gained two sen to RM4.12.
To actives on Bursa were SNS up 1.5 sen to 31.5 sen, Vinvest gaining 0.5 sen to 20 sen and SIAB rising 1.5 sen to 18 sen.