KUALA LUMPUR: The domestic market rebounded in early Thursday trade following the previous day's sell-off as investors awaited more developments in the global economy.
The FBM KLCI was barely moved at the opening bell, rising 0.31 points to 1,670.55, as investors awaited more clarity to emerge given the uncertainty over the strength of the US economy and the Federal Reserve's next policy decision.
However, by 9.15am, the benchmark index had bounced nearly seven points higher to 1,677.02, suggesting the retracement was picking up speed.
"Market sentiment remains turbulent as recessionary concerns linger, with investors anxiously awaiting labor data for clearer insights into the strength of the US economy and potential Fed interest rate decisions.
"We reckon caution is warranted following the recent US job openings report, which suggests a slowing labor market," said Apex Securities Research in a note.
The research firm said more clarity is expected with the upcoming labor data releases on Thursday and Friday, including jobless claims and nonfarm payrolls.
Riskier sectors such as technology and AI-related stocks may continue to face selling pressure amid the uncertainty, along with the energy sector, which is impacted by ongoing declines in oil prices.
Meanwhile, funds may adopt a defensive stance, seeking safe havens in the financial and REITs sectors.
ACE Market debutant Steel Hawk surged 19 sen to 34 sen, rising to the top of the actives list with 32.5 million shares traded.
Some blue chips on the rise included Tenaga Nasional up six sne to MR14.96, QL resources rising eight sen to RM6.54 and CIMB climbing 13 sen to RM8.34.
YTL Power dove 21 sen to RM3.68 after it confirmed a report that its subsidiary had been questioned by the Malaysian Anti-Corruption Commission about the Ministry of Education's 1BestariNet RM4bil project.
