The FBM KLCI rebounded in early trade on Monday, supported by easing concerns over US interest rate hikes following weaker-than-expected US jobs data.
The benchmark index rose 4.53 points, or 0.28 per cent, to 1,635.39 at 9.05 am, recovering modestly after last week’s steep losses.
Banking stocks led the gains, with Maybank adding four sen to RM10.06, Hong Leong Bank rising six sen to RM22.70, Public Bank gaining four sen to RM4.70 and AMMB advancing six sen to RM6.45.
Apex Securities said it remained cautious on near-term risk appetite, noting that reduced rate hike concerns and resilient technology stocks were providing support while elevated bond yields and oil price swings could keep gains uneven.
“We remain cautious on the local bourse, as elevated bond yields and crude oil prices are likely to keep investors defensive.
“With key US labour market data pending, external headwinds should keep volatility elevated, and any recovery is likely to stay gradual until greater clarity emerges on the global rate and energy outlook,” it said in a note.
Among actively traded stocks, VS Industry rose three sen to 32 sen, Notion VTech gained 4.5 sen to 75 sen and GB Bond added 1.5 sen to 24.5 sen.
