Mild recovery on Bursa Malaysia as economic concerns persist

KUALA LUMPUR: The local market started on a weak rebound on Tuesday following heavy losses in the previous session that took the FBM KLCI below the 1,650-point level.

At 9.10am, the local index reclaimed just 1.49 points to 1,650.64. Trading volume was 123.58 million shares valued at RM44.91mil.

There were 215 gainers to 90 decliners and 172 counters unchanged.

Concerns over the global economic outlook remained as 10-year US Treasury yields held near more than one-year lows.

In Asia, early market opens showed a measure of recovery as Japan’s Nikkei Index rebounded 1.5% to retrace about half of what was lost in the previous session while South Korea’s Kospi added 0.2%.

On Bursa Malaysia, banks were on the rise led by Maybank gaining seven sen to RM9.30 and CIMB advancing seven sen to RM5.19.

Tenaga Nasional also recovered 10 sen to RM12.86.

Most active counters were Bumi Armada rising one sen to 20.5 sen, Sapura Energy trading unchanged at 34.5 sen and Scomies adding one sen to 8.5 sen.

Meanwhile crude prices firmed up following losses in the previous session. US crude rose 49 cents to US$59.31 a barrel and Brent crude grew 25 cents to US$67.46 a barrel.

Source : TheStar