Market Daily Report: Bursa Malaysia Rebounds On Bargain Hunting, In Sync With Positive Regional Markets

KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia rebounded after two days of losses to close higher on Tuesday, driven by bargain-hunting activities and in line with the upbeat regional market performance. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 14.43 points or 0.85 per cent to 1,710.99 from yesterday’s close of 1,696.56.

The market bellwether opened 6.60 points higher at 1,703.16, and fluctuated between 1,701.19 and 1,713.25 throughout the day.

Market breadth was positive with gainers outpacing losers 682 to 432. A total of 454 counters were unchanged, 1,153 untraded, and 21 suspended.

Turnover improved to 2.82 billion units worth RM2.76 billion from yesterday’s 2.38 billion units worth RM2.56 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said across the region, markets moved higher, led by technology stocks after Nvidia delivered a strong outlook on artificial intelligence.

“Investor sentiment was further lifted by expectations that major economies may tap into petroleum reserves to ease supply concerns, following US President Donald Trump’s call to protect the Strait of Hormuz.

“Despite this, risks to the key shipping lane remain, keeping inflation concerns elevated ahead of upcoming central bank meetings,” he told Bernama. 

Back home, he said the benchmark index staged a significant recovery, reclaiming the 1,700 psychological level, largely attributed to a wave of bargain-hunting in blue-chip heavyweights, particularly within the banking sector.

“We advise investors to stay alert for any sudden changes in energy costs while keeping an eye on the Sunway Healthcare listing tomorrow,” he said. 

Thong said the benchmark index is currently testing its immediate resistance at the 1,710-1,715 zone, and a decisive breakout above this level could open the path toward the next key target of 1,730.

“For now, the FBM KLCI is likely to move within the 1,700-1,725 range for the rest of the week,” he added. 

Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI’s uptrend, which breached the key psychological 1,700 level, was driven by broad-based gains across its constituents. 

He said banking heavyweights were the primary drivers, reflecting their high beta to global risk sentiment and continued institutional rotation into liquid, index-linked names.

“While the rebound appears robust, it remains largely liquidity-driven rather than anchored in any fundamental improvement in geopolitical conditions.

“In this context, the rally should be interpreted as a tactical recovery, with investor positioning in Malaysia likely to remain selectively defensive, given the persistence of external risks, particularly from energy markets and geopolitical developments,” he said.

Among heavyweights, Maybank added 12 sen to RM11.60, Public Bank and CIMB went up 6.0 sen each to RM4.86 and RM7.86, Tenaga Nasional was 2.0 sen firmer at RM14.20, and IHH Healthcare edged up 4.0 sen to RM8.93.  

On the most active list, Pharmaniaga perked up 2.0 sen to 27.5 sen, ACE Market debutant Adnex climbed 5.0 sen to 25 sen, Zetrix AI put on 1.0 sen to 78.5 sen, V.S Industry inched up 1.5 sen to 30 sen, while Velesto Energy eased half-a-sen to 32 sen. 

Top gainers included United Plantations which added 74 sen to RM34.00, Allianz Malaysia increased 40 sen to RM21.56, Itmax System jumped 30 sen to RM4.74, Hong Leong Bank advanced 36 sen to RM22.80, and Petronas Chemicals gained 37 sen to RM4.95.

As for the top losers, Nestle slid RM1.30 to RM100.90, Malaysian Pacific Industries slipped 26 sen to RM29.72, Dutch Lady Milk Industries shed 20 sen to RM31.80, Ajinomoto was 10 sen lower at RM12.40, and Concrete Engineering Products lost 9.0 sen to RM1.66.

On the index board, the FBM Top 100 Index rose 99.64 points to 12,329.18, the FBM Emas Index jumped 101.19 points to 12,485.96, the FBM 70 Index advanced 118.79 points to 17,107.61, the FBM Emas Shariah Index garnered 77.98 points to 12,185.99, and the FBM ACE Index climbed 39.43 points to 4,413.92.

By sector, the Financial Services Index surged 225.71 points to 20,637.54, the Industrial Products and Services Index inched up 3.43 points to 178.45, the Energy Index was 1.01 points firmer at 789.97, and the Plantation Index increased 50.65 points to 8,568.48.

The Main Market volume expanded to 1.70 billion units valued at RM2.56 billion from 1.41 billion units valued at RM2.40 billion on Monday.

Warrants turnover declined to 775.62 million units worth RM97.58 million from 789.97 million units worth RM98.84 million yesterday. 

The ACE Market volume surged to 343.14 million units valued at RM110.37 million from 178.31 million units valued at RM65.38 million previously.

Consumer products and services counters accounted for 222.63 million shares traded on the Main Market, industrial products and services (358.89 million), construction (148.67 million), technology (126.16 million), financial services (87.27 million), property (170.59 million), plantation (44.18 million), real estate investment trusts (23.99 million), closed-end fund (133,900), energy (222.86 million), healthcare (181.32 million), telecommunications and media (25.39 million), transportation and logistics (40.77 million), utilities (47.55 million), and business trusts (253,700).

Source: Bernama