Bursa Malaysia Begins Gradual Recovery Amid Global Uncertainty

The FBM KLCI edged higher at the beginning of Wednesday's trading session, continuing its cautious recovery after Monday's significant drop. The benchmark index increased by 1.73 points to reach 1,576.12, showing a slight gain following the previous day's substantial rebound.

"Today, we anticipate the market will remain defensive as both foreign funds and local investors are likely to stay on the sidelines due to ongoing global uncertainties, such as potential US recessions and geopolitical tensions between Iran and Israel," Apex Securities Research noted. The report suggested that during this period of global market instability, investors might continue to shift their investments from small-cap stocks to more stable blue-chip stocks.

Apex Securities maintains a positive long-term outlook for the local stock market but advises investors to be selective, focusing on large-cap stocks and companies with strong fundamentals that are currently undervalued. Among the stocks that continued to recover were Tenaga Nasional, which rose by 16 sen to RM13.80, CIMB, gaining four sen to RM7.24, QL Resources, up three sen to RM6.55, and Telekom Malaysia, increasing by two sen to RM6.77.

"The finance and real estate investment trust (REIT) sectors are expected to perform well as they are considered safe havens in times of market volatility," the report added. Top active stocks included Cape EMS, which fell by two sen to 38.5 sen, MQ Technology, which remained flat at one sen, and CN Asia, which declined by one sen to 6.5 sen.

Posted on 07-Aug-2024

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