KUALA LUMPUR: Bursa Malaysia ended the morning session higher today, driven by bargain-hunting activities that emerged after significant oversold conditions.
At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 19.32 points, or 1.22 per cent, to 1,593.71 from Tuesday's close of 1,574.39.
The index opened 1.73 points higher at 1,576.12 and fluctuated between 1,563.77 and 1,596.60 during the morning session.
On the broader market, gainers led losers 905 to 281, while 351 counters were unchanged.
Total turnover amounted to 3.15 billion units valued at RM1.98 billion.
Malacca Securities Research said while the US stock markets ended positively, they were still unable to close the earlier gap down.
Nevertheless, the firm believes that the market will focus on the Japanese Yen reverse carry trade incident and trade cautiously, which could limit the upside for now.
"We like the strongest rebound observed within the construction, property, and technology sectors, which are riding along the data center secular theme amid oversold conditions, translating to heavy bargain hunting activities."
"We also favour selected finance stocks within the uptrend phase," it said in a note today.
The firm also noted that the improved results from Hartalega Holdings Bhd and Riverstone Holdings could provide decent buying support for the glove industry.