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Bursa Rebounds Slightly from Beaten-down Prices

KUALA LUMPUR: Bursa Malaysia’s downward momentum is anticipated to ease today after Wall Street’s mixed performance, with the Dow Jones edging up slightly.

The FBM KLCI benchmark opened marginally higher at 1,535.05, reflecting cautious sentiment in the market.

Key Malaysian stocks rebounding from previous losses included Axiata, climbing five sen to RM2.55, MISC adding 3 sen to RM7.82, Telekom Malaysia rising 3 sen to RM6.03, and YTL Power advancing 3 sen to RM3.85.

Consumer stocks saw gains too, with Dutch Lady adding 44 sen to RM32 and Heineken Malaysia climbing 30 sen to RM22.80.

Ingenieur Gudang was highly active, rising one sen to 15.5 as the most traded share, while SBH held steady at 27.5 sen and MRCB edged up one sen to 66.5 sen.

In the US, blue-chip stocks rebounded slightly on Tuesday after a significant decline, driven by hotter-than-expected inflation data that hinted at delayed interest rate cuts.

Federal Reserve Chairman Jerome Powell, speaking at a recent policy forum, suggested policymakers would wait longer before adjusting rates, aligning with investor expectations of rate stability.

Apex Securities Research predicts bargain-hunting in the domestic market following recent declines, with potential relief from China’s economic growth.

The firm advised caution, recommending defensive strategies focusing on fundamentally strong stocks amid volatility.

It also highlighted potential benefits for export-oriented companies from a strengthening USD and expressed optimism towards commodities-related stocks, especially in the oil and gas sector, supported by sustained high oil prices.

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