KUALA LUMPUR (Dec 6): Bursa Malaysia was higher in early trade on Wednesday, as buying support helped drive a rebound, amid optimism about US interest rate cuts sooner than expected.

At 9.05am, the FBM KLCI had bagged 1.69 points to 1,451.15, from Tuesday's close at 1,449.46.

The index opened 1.45 points higher at 1,450.91.

Market breadth was positive, with gainers beating decliners 145 to 101, while 216 counters were unchanged, 1,852 untraded, and 13 others suspended.

Turnover stood at 80.21 million units worth RM48.08 million.

Malacca Securities Sdn Bhd said the report on US job openings on the last business day of October, which fell to the lowest level since early 2021, suggested that the US Federal Reserve may end its interest rate upcycle, and could be looking at a rate cut as early as March next year.

The latest prints in Japan and South Korea also showed inflation cool than expected.

"Thus, with expectations of an interest rate cut next year, we think it may provide buying support for local equities," it said in a note.

At home, Rakuten Trade head of research Kenny Yee expects the KLCI to maintain its consolidation, and oscillate within the 1,445-1,455 range on Wednesday.

"Despite recent good corporate earnings showing, sentiment remains cautious, in the absence of a strong inflow of funds.

"On top of that, Wall Street closed on a mixed note, as US equities took a breather, as many see recent strong performances may have outrun the underlying fundamentals amid a cooling labour market," he noted.

On the local bourse, heavyweights Petronas Chemicals Group Bhd gained six sen to RM7.13 a share, CIMB Group Holdings Bhd was four sen higher at RM5.79, while Public Bank Bhd at RM4.27, Malayan Banking Bhd (Maybank) at RM9.03 and Genting Bhd at RM4.60 had risen two sen each,

As for the most active counters, Sarawak Consolidated Industries Bhd at 78.5 sen, Reneuco Bhd at 22 sen and Sunzen Biotech Bhd at 30.5 sen had gone up half a sen each.

Reach Energy Bhd at 3.5 sen and Eduspec Holdings Bhd at 6.5 sen were both flat, while Zelan Bhd added one sen to six sen.

On the index board, the FBM Emas Index put on 10.67 points to 10,693.04, the FBMT 100 Index increased by 10.63 points to 10,363.69, the FBM 70 Index rose by 8.21 points to 14,033.48, and the FBM ACE Index recovered 7.13 points to 5,085.94.

However, the FBM Emas Shariah Index lost 8.54 points to 10,828.13. 

Sector-wise, the Financial Services Index firmed 53.21 points to 16,393.50, the Industrial Products and Services Index accumulated 0.45 of a point to 170.28, and the Plantation Index improved 3.75 points to 6,992.65, but the Energy Index edged down 3.70 points to 805.52.