KUALA LUMPUR: The domestic market largely ignored a global relief rally on Wednesday as stocks stayed flat amid profit-taking from recent gains
At 9.05am, the FBM KLCI was virtually unchanged at 1,457.91 points. However, the market breadth was positive with 173 gainers compared with 89 negative.
Trading volume was 150.84 million shares valued at RM69.36mil.
According to Malacca Securities Research, Wall Street markets, which spiked in overnight trade, are more buoyant as the market consensus points towards a slowdown in inflation in the coming quarters.
"Following the strong rebound on Wall Street overnight of over 2%, the local bourse may see further recovery supported by bargain hunting activities.
"We believe most of the sectors that have been bashed down earlier should gain traction at least for the near term.
"Nevertheless, investors are still weighing on the risk of recession arising from global inflation, hence traders may adopt a sell into strength strategy," said the research firm.
Stocks that gained in early trade include Press Metal up six sen to RM4.80, Tenaga Nasional gaining three sen to RM8.21 and IHH rising one sen to RM6.50.
Most banks stocks however remained subdued with Maybank sliding two sen to RM8.63, Public Bank falling two sen to RM4.45 and CIMB dropping three sen to RM4.93.
F&B and brewery stocks rallied, led by Dutch Lady adding 42 sen to RM33.10, Heineken gaining 28 sen to RM23.70, F&N rising 20 sen to RM19.94 and Carl *** erg climbing 18 sen to RM21.98.
Top actives were TWL unchanged at 7.5 sen, SFP Tech dipping one sen to 68.5 sen and DNex falling one sen to 79 sen.