KUALA LUMPUR, March 22 — Bursa Malaysia rebounded from yesterday's losses to open higher today, tracking the uptrend seen on most regional peers after US stocks rose sharply on a boost from the technology sector.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.56 points to 1,669.22 from Thursday's close of 1,663.66 after opening 5.92 points firmer at 1,669.58.

In a note today, Malacca Securities Sdn Bhd said after the severe beating yesterday, which it believed was overdone, the local bourse could see some reprieve to end the week on a more positive note.

“The positive undertone in global equities could also lend support to Malaysian stocks to stage the comeback, but remains the laggard among regional peers, amid the continuing crisis of confidence,” it said.

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The research house also believed banking stocks could make a firm comeback over the near-term after yesterday’s sell-off due to a knee-jerk reaction in the banking counters.

“Therefore, the near-term upsides could still be limited amid the lingering cautiousness that could deter significant fresh buying support. On the upside, there is resistance at the 1,670- level, followed by 1,675.Supports are at 1,661 and 1,656 respectively,” it added.

On the broader market, gainers trounced losers 176 to 58, while 124 counters remained unchanged, 1,554 untraded and 42 others suspended.

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Turnover stood at 106.84 million shares worth RM57.98 million.

Regionally, Singapore’s Straits Times Index gained 0.29 per cent to 3,223.11, Hong Kong's Hang Seng Index was 0.35 per cent higher at 29,173.33 and the Shanghai Composite Index advanced 0.35 per cent to 3,101.46.

Of the heavyweights, Maybank bagged two sen to RM9.42, Public Bank and Tenaga increased 10 sen each to RM23.96 and RM12.98 respectively, Petronas Chemicals added 13 sen to RM9.17 and CIMB perked four sen to RM5.37.

Among the most actives, MyEG bagged five sen for RM1.35, Perdana Petroleum gained one sen to 43 sen, Progressive Impact strengthened 2.5 sen to 15.5 sen, while Dynaciate lost one sen to nine sen and Anzo was half-a-sen weaker at 3.5 sen.

BAT led the gainers list in rising 28 sen to RM35.00, while top loser, UMW, eased eight sen to RM5.72.

The FBM Emas Index gained 37.13 points to 11,691.64, the FBMT 100 Index climbed 33.80 points to 11,541.92, the FBM Emas Shariah Index increased 31.90 points to 11,741.71, the FBM 70 was 22.50 points better at 14,205.34 and the FBM Ace Index ticked up 15.31 points to 4,794.64.

Sectorwise, the Financial Services Index improved 69.20 points to 17,288.71 and the Industrial Products and Services Index edged up 1.12 points to 169.84, but the Plantation Index was 5.51 points easier at 7,203.59. — Bernama