Bursa Malaysia continued its recovery after a steep plunge as the global stock market calmed down and investors scrambled for recent bargains.
At 2:30 p.m., the FBM benchmark index of Bursa Malaysia KLCI rose to 1,593.71, which is an increase of 19.32 points (1.23%) throughout the first session.
Broad market sentiment was positive with gainers outnumbering losers at 905 to 281. Meanwhile, 255 counters were unchanged, 1,786 were untraded and eight suspended.
The trading volume of shares was 3.15 billion changing hands at a value of RM1.99 billion.
All local sectors recorded widespread recovery except plantations as it was the only one that lagged behind with heavyweights such as Kuala Lumpur Kepong down 58 sen to RM20.84 per unit.
According to Rakuten Trade Sdn Bhd's Vice President of Equity Research, Thong Pak Leng said significant price movements will occur quickly and reselling activities are likely to emerge.
Additionally, the recovery high in local stocks is becoming fragile due to concerns over China's growth and the lack of an easing catalyst.
Locally, Tuesday's recovery remains sustainable and it remains to be seen if there is a change in sentiment.
Meanwhile, utilities were seen soaring on the main index with YTL Power rising 27 sen to RM4.29 and Tenaga Nasional up 50 sen to RM14.14.
As for active shares, Cape EMS rose 3.5 sen to 44 sen, Jiankun fell 1.5 sen to 6.5 sen and MYEG rose 1.5 sen to 90 sen.
Global investors are anticipating imminent monetary easing by the US Federal Reserve based on recent economic data and many experts say the yen's trade easing may be nearing an end.
Japanese stocks were positive with the Nikkei recovering another 2.6% to 25,569, erasing almost all of the losses recorded on Monday.
