KUALA LUMPUR, Sept 11 ― Bursa Malaysia rebounded today, led by Axiata, which rose 1.2 per cent to RM4.16 after losing more than 15 per cent at yesterday’s close.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.56 points to 1,599.41 compared with yesterday’s close of 1,595.85.

The market barometer opened 2.03 points better at 1,597.88.

Malacca Securities Sdn Bhd said the weakness on Axiata and Digi pushed the key index back below the 1,600 level yesterday to leave market conditions in an insipid mood again.

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“However, we think that the reaction to the failed Axiata and Telenor Asia’s assets should have been done and dusted and we think that the key index could mount a rebound over the near term, a delayed one, as stocks on Bursa Malaysia, will once again play catch-up to the recent gains in most global indices,” it said in a note today.

In addition, sentiments on global indices are calmer as the US-China trade war is showing some signs of ebbing that is also giving some leeway for equities to head higher.

“We think that the FBM KLCI could recapture the 1,600 level, but further gains could remain elusive for now due to prevailing wariness over the market’s direction,” Malacca Securities said.

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At present, the resistance is seen at the 1,610 level, while the supports are at the 1,590 and 1,580 levels.

The Wall Street also churned out mixed performance overnight ahead of the European Central Bank's monetary policy decision tomorrow and next week's Federal Reserve meeting, of which both are expected to cut interest rates.

Of the heavyweights, Maybank rose two sen to RM8.88, CIMB was four sen higher at RM5.04 and Sime Darby Plantation added three sen to RM4.92.

Tenaga added six sen to RM14.06 and Hong Leong Bank was 12 sen better at RM16.44.

Of the actives, Green Packet and Metronic Global went up half-a-sen to 24.5 sen and 7.5 sen respectively.

The FBM Emas Index inched up 23.85 points to 11,265.64, the FBMT100 Index improved 22.63 points to 11,103.23 and the FBM Emas Shariah Index edged up 18.53 points to 11,764.96.

The FBM Ace advanced 7.17 points to 4,486.66 and the FBM 70 went up 19.49 points to 13,839.96.

Sector-wise, the Financial Services Index gained 56.91 points to 15,573.61, the Plantation Index dropped 17.35 points to 6,809.86 and the Industrial Products and Services Index was 0.07 of-a-point down at 148.97.

Market breadth was positive as gainers led loses 160 to 78, with 166 counters unchanged, 1,556 untraded and 14 others suspended.

Turnover stood at 158.44 million units worth RM57.59 million. ― Bernama