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Market Daily Report: Bursa Malaysia Ends Higher On Bargain Hunting

KUALA LUMPUR, May 22 (Bernama) -- Bursa Malaysia ended higher on Friday as bargain hunting resurfaced following several weak trading sessions.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.31 points, or 0.25 per cent, to 1,712.67, from yesterday’s close of 1,708.36. The benchmark index, which opened 3.35 points higher at 1,711.71, moved in a narrow range between 1,710.30 and 1,715.71 throughout the session. Market breadth was positive, with gainers outpacing losers 629 to 539, while 540 counters were unchanged, 1,010 untraded and 64 suspended. Turnover rose to 3.68 billion units worth RM3.58 billion compared with 3.49 billion units worth RM3.70 billion on Thursday.
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PETRONAS Chemicals Rebounds, But Analysts Flag Limited Upside Ahead


Shares of PETRONAS Chemicals rose after a return to profitability in 1Q, though analysts remain cautious on the sustainability of the recovery.

Share Price Rises on Earnings Turnaround

The stock gained 4.2% to RM5.68, extending a strong rally of nearly 92% since late February.

The rebound was driven by:

  • Higher petrochemical prices
  • Improved product spreads
  • Stronger sales volumes

However, these gains were largely supported by supply disruptions linked to Middle East tensions, rather than structural demand recovery.

Analysts Divided on Outlook

Sentiment remains mixed among research houses:

  • 9 ‘buy’, 9 ‘hold’, 1 ‘sell’ recommendation
  • Average target price: RM6.08 (~7% upside)

While earnings forecasts have been revised higher, many analysts maintain neutral stances due to lingering risks.

Operational and Demand Risks Persist

Key concerns highlighted by analysts include:

  • Lower utilisation rates expected in 2Q (around 80% vs 87% in 1Q) due to maintenance
  • Weak end-market demand, limiting pricing power
  • Risk of industry overcapacity

Additionally, petrochemical prices have started easing from April highs, suggesting potential margin pressure ahead.

Pengerang Plant Recovery in Focus

The restart of the Pengerang Petrochemical Complex (PPC) is a key catalyst:

  • Operations expected to gradually resume by June
  • Plant has been offline due to feedstock supply disruptions

Improved performance from PPC could support earnings recovery in coming quarters.

Sector Outlook Tied to Geopolitics

The broader sector outlook remains dependent on:

  • Supply disruptions in the Middle East
  • Potential capacity rationalisation across the industry

Analysts note that sustained disruptions could help rebalance supply-demand dynamics, supporting prices longer term.

Investor Takeaways

  • PCHEM returned to profitability, lifting share price momentum.
  • Recent gains are driven by supply-side factors, not demand recovery.
  • Upside appears limited (~7%) based on consensus target prices.
  • Operational risks include maintenance downtime and PPC restart execution.
  • Sector outlook hinges on geopolitics and potential capacity rationalisation.
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