Kuala lumpur: Bursa Malaysia's key index experienced a rebound today, driven by bargain hunting activity in fundamentally sound blue-chip stocks. This follows a decline of 1.11 percent on Tuesday. At 9.19 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.0 points, or 0.06 percent, reaching 1,680.21 from its previous close of 1,679.21. The index initially opened 1.71 points lower at 1,677.50.
According to BERNAMA News Agency, market breadth remained negative, with 309 losers outpacing 241 gainers. A total of 346 counters remained unchanged, while 1,960 were untraded and 13 suspended. The turnover was recorded at 390.15 million shares, amounting to RM201.32 million. The local bourse had been closed the previous day due to the Malaysia Day public holiday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng commented on the market dynamics, noting that despite investor interest in bargain hunting, geopolitical risks and high oil prices continue to pose challenges. He projected the index to trade within the 1,670-1,690 range for the day.
In terms of individual stock performance, among the heavyweights, Maybank saw an increase of two sen to RM10.44, Public Banks rose three sen to RM4.83, while CIMB and Tenaga Nasional experienced minor fluctuations. In the category of top actives, Pioneer Heat climbed five sen to 30 sen, while other stocks like Capital A, Top Glove, and AirAsia witnessed declines.
Top gainers included Nestle, which rose 22 sen to RM90.40, and MN Holdings' warrant, which increased by 14 sen to RM3.52. Notable performers also included YTL Power and UMS Integrated. Conversely, top losers of the day comprised Malaysia Pacific Industries and Petronas Chemicals, among others.
On the index board, the FBM Emas Index gained 2.58 points, while the FBM Top 100 Index increased by 4.64 points. Other indices such as the FBM Mid 70, FBM ACE, and FBM Emas Shariah showed varied movements. Sector-wise, the Industrial Products and Services Index and the Energy Index witnessed declines, whereas the Financial Services Index advanced, and the Plantation Index fell.
The financial market remains under scrutiny as investors continue to navigate through prevailing economic conditions and sector-specific developments.