KUALA LUMPUR, Sept 2 (Bernama) -- Bursa Malaysia ended higher on Wednesday on bargain hunting following the recent sell-off, ahead of Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) decision on Thursday. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.20 points 1,708.74, compared with Tuesday’s close of 1,700.54. The benchmark index opened 0.42 of a point better at 1,700.96 and fluctuated between 1,695.89 and 1,709.71 throughout the day. On the broader market, losers trounced gainers 746 to 424, while 554 counters were unchanged, 1,048 untraded and 17 suspended. Turnover declined to 4.20 billion units valued at RM3.52 billion from 5.52 billion units valued at RM4.42 billion on Tuesday.
KUALA LUMPUR, Sept 2 (Bernama) -- Bursa Malaysia ended higher on Wednesday on bargain hunting following the recent sell-off, ahead of Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) decision on Thursday.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.20 points 1,708.74, compared with Tuesday’s close of 1,700.54.
The benchmark index opened 0.42 of a point better at 1,700.96 and fluctuated between 1,695.89 and 1,709.71 throughout the day.
On the broader market, losers trounced gainers 746 to 424, while 554 counters were unchanged, 1,048 untraded and 17 suspended.
Turnover declined to 4.20 billion units valued at RM3.52 billion from 5.52 billion units valued at RM4.42 billion on Tuesday.
The BNM Monetary Policy Committee is set to meet tomorrow, with market consensus expecting the OPR to remain unchanged at 2.75 per cent for the rest of 2026.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said bargain hunting emerged in banking and commodity-related heavyweights following the recent strong sell-off.
“Across the region, major indices extended their losses following negative cues from global markets overnight, as rising bond yields continued to pressure technology and growth stocks.
“Nevertheless, following the recent sharp decline, we believe bargain hunting could continue to emerge at current levels, particularly in selected heavyweight stocks with attractive valuations,” he told Bernama.
Thong also said investors will closely monitor BNM’s monetary policy decision and the upcoming US employment data for further clues on the interest-rate outlook.
Going forward, he expects the FBM KLCI to remain in consolidation mode as investors continue to assess developments in West Asia and the direction of global interest rates.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the benchmark index closed higher, supported by gains in oil-related and plantation stocks.
He said renewed US airstrikes on Iran drove crude oil prices sharply higher and boosted demand for commodity-linked counters.
“The West Texas Intermediate crude briefly climbed above US$92 a barrel, while Brent rose to around US$97, reaching their highest levels since late July before paring some gains,” he said.
Among the heavyweights, Maybank added four sen to RM10.60 and Public Bank gained two sen to RM4.93, while CIMB Group eased one sen to RM7.84, Tenaga Nasional fell 12 sen to RM13.64, and IHH Healthcare slipped seven sen to RM8.08.
On the most active list, Zetrix AI erased 4.5 sen to 22 sen, Focus Dynamics was flat at half a sen, Ingenieur Gudang edged up half a sen to four sen, Ni Hsin Group put on 2.5 sen to 26.5 sen, and Velesto Energy perked up 1.5 sen to 24.5 sen.
Among the top gainers, Kuala Lumpur Kepong jumped 86 sen to RM22.70, United Plantations climbed 74 sen to RM32.78, Hengyuan Refining advanced 41 sen to RM2.94, Sarawak Oil Palms garnered 40 sen to RM5.96. and Perak Corporation soared 29 sen to 76 sen.
Among the top losers, Nestle slid RM2.18 to RM96.52, Fraser & Neave Holdings dipped 54 sen to RM24.74, Malaysian Pacific Industries slipped 48 sen to RM39.78, Kelington Group lost 27 sen to RM8.57, and Hong Leong Industries shaved off 26 sen to RM17.58.
Source: Bernama
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