KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15. The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session. On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended. Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.
UALA LUMPUR, Jan 17 (Bernama) -- Bursa Malaysia ended the week on a positive note, in line with most of its regional peers, as bargain hunting boosted the FTSE Bursa Malaysia KLCI (FBM KLCI) after a lacklustre performance over the last few days.
At 5 pm, the benchmark index increased 11.18 points to 1,566.72 from Thursday’s close of 1,555.54.
The FBM KLCI, which opened 2.11 points easier at 1,553.43, moved between 1,545.67 and 1,569.43 during the day.
Market breadth was positive, with gainers leading losers 543 to 434, while 511 counters were unchanged, 889 untraded and 19 others suspended.
Turnover decreased to 3.10 billion units valued at RM3.06 billion from Thursday’s 3.57 billion units valued at RM3.15 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI’s rebound was driven by bargain hunting in utilities, energy, and consumer stocks.
“The bourse recovered slightly after a massive sell-off, and we reckon that the FBM KLCI must stay above the 1,600 level to regain its momentum,” he told Bernama.
Regionally, Singapore's Straits Times Index improved 0.13 per cent to 3,806.14, China’s Shanghai Composite Index edged up 0.18 per cent to 3,241.82, and Hong Kong’s Hang Seng Index gained 0.31 per cent to 19,584.06, while Japan’s Nikkei 225 fell 0.31 per cent to 38,451.46 and South Korea’s Kospi declined 0.16 per cent to 2,523.55.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the recovery in the local market was further strengthened by encouraging economic data from China and a clear, constructive statement from US Treasury Secretary Scott Bessent during his testimony at the Senate Finance Committee hearing yesterday.
“Bargain hunting emerged in the local market following a period of overselling, reflecting renewed investor confidence,” he told Bernama.
Mohd Sedek said market participants have also largely absorbed the implications of the recent US export administration requirements aimed at tightening controls on the export of advanced computing chips.
“Our assessment suggests that this development is unlikely to disrupt the timelines or progress of ongoing data centre projects, mitigating concerns about supply chain interruptions,” he added.
Among the heavyweights, Maybank was flat at RM10.14 while CIMB fell one sen to RM7.98. Public Bank added five sen to RM4.44, Tenaga Nasional jumped 48 sen to RM13.60 and IHH Healthcare bagged four sen to RM7.15.
Of the active stocks, Gamuda shed two sen to RM4.24, CBH Engineering trimmed one sen to 32.5 sen and SNS Network decreased three sen to 51.5 sen, while Velocity Capital and TWL Holdings were flat at eight sen and 2.5 sen, respectively.
Source: Bernama
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