Kuala Lumpur:Bursa Malaysia's key index rose on Wednesday, rebounding from recent losses as oversold conditions prompted bargain hunting.

According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 7.21 points, or 0.43 percent, ending at 1,651.17 compared to Tuesday's close of 1,643.96. The index opened 2.53 points higher at 1,646.49, fluctuating between 1,645.03 and 1,657.41 throughout the session.

Market breadth was negative, with 703 decliners surpassing 413 gainers, while 572 counters remained unchanged, 1,167 were untraded, and 95 were suspended. Turnover improved, reaching 3.63 billion units valued at RM3.62 billion, up from 3.31 billion units worth RM2.95 billion on Tuesday.

Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, noted that the local market's recovery was tentative as investors awaited the August US Personal Consumption Expenditures (PCE) price index. This key inflation gauge could influence further movements in bond yields. Domestically, a cautious stance is maintained due to the elevated US 10-year Treasury yield and ongoing geopolitical tensions in West Asia.

Thong remarked that the recent market correction has made selected blue-chip valuations more attractive, potentially providing downside support and encouraging more bargain hunting. He anticipates a gradual return of buying interest in fundamentally strong stocks, though a sustained recovery may require a more favorable external backdrop. The FBM KLCI is expected to trend within the 1,640-1,670 range for the remainder of the week.

Among the heavyweights, Maybank remained at RM9.99, Public Bank dropped two sen to RM4.70, CIMB increased by one sen to RM7.79, Tenaga Nasional rose by 24 sen to RM12.96, and IHH Healthcare decreased by four sen to RM7.83. In active trading, Zetrix AI fell half a sen to 16 sen, V.S Industry rose 4.5 sen to 28 sen, Jaks Resources increased by 1.5 sen to 20.5 sen, Gamuda gained 20 sen to RM5.18, and Aimax was unchanged at 0.5 sen.

Top gainers included Nestle, which rose RM1.00 to RM90.00, Allianz Malaysia, which added 76 sen to RM21.62, UWC, which increased 27 sen to RM7.07, United Plantations, which firmed 24 sen to RM31.56, and Petronas Gas, which advanced 22 sen to RM17.40.

On the losing end, Hengyuan Refining dropped 78 sen to RM3.56, Malaysian Pacific Industries fell 40 sen to RM40.40, Kuala Lumpur Kepong decreased 30 sen to RM22.20, Genting Plantations declined 24 sen to RM5.53, and Eurospan fell 23 sen to RM3.01.

On the index board, the FBM Mid 70 Index lost 35.42 points to 17,574.67, while the FBM Emas Index gained 26.55 points to 12,292.02, and the FBM Top 100 Index increased 32.90 points to 12,084.44. The FBM Emas Shariah Index rose 48.73 points to 12,176.35, and the FBM ACE Index added 5.70 points to 5,534.28.

Sector-wise, the Industrial Products and Services Index edged down 0.45 of a point to 180.41, while the Energy Index dropped 23.00 points to 845.70. The Financial Services Index fell 44.35 points to 19,216.49, and the Plantation Index decreased by 19.67 points to 9,196.67.

The Main Market volume increased to 2.23 billion units worth RM3.28 billion from 1.88 billion units valued at RM2.58 billion on Tuesday. Warrants turnover decreased to 887.74 million units worth RM138.36 million from 978.19 million units valued at RM190.60 million previously. The ACE Market volume expanded to 510.54 million units valued at RM201.45 million from 447.33 million units worth RM181.49 million the previous day.

Consumer products and services counters accounted for 305.02 million shares traded on the Main Market, industrial products and services for 444.15 million, construction for 260.99 million, technology for 508.99 million, financial services for 82.21 million, property for 177.39 million, plantation for 42.72 million, real estate investment trusts for 33.25 million, closed-end fund for 95,200, energy for 148.83 million, healthcare for 101.96 million, telecommunications and media for 31.08 million, transportation and logistics for 50.60 million, utilities for 45.46 million, and business trusts for 144,200.