KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75.
The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading.
On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended.
Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the brokerage firm remained cautious as persistent foreign selling and heightened regional volatility continue to weigh on sentiment.
He added that Malaysia's economic fundamentals remain resilient, underpinned by 5.3 per cent economic growth in the third quarter of this year and strong export performance.
“More importantly, the recent correction has brought valuations of selected blue chip stocks to more attractive levels, particularly companies with resilient earnings, healthy balance sheets and sustainable dividend yields. We believe this presents opportunities for selective accumulation once selling pressure begins to ease,” Thong told Bernama.
For the remainder of the week, he said the benchmark index could remain volatile, although its ability to stabilise near the 1,600 level suggests that bargain-hunting interest is gradually emerging.
“We expect the FBM KLCI to trade within the 1,580–1,610 range, with a sustained recovery above 1,600–1,610 needed to strengthen near-term momentum,” added Thong.
Among heavyweights, Maybank rose five sen to RM9.95, Public Bank climbed two sen to RM4.73, TNB expanded eight sen to RM13.06, and CIMB was flat at RM7.15.
Of the active stocks, Zetrix AI perked up half-a-sen to 5.5 sen, Top Glove gained two sen to 91 sen, Ni Hsin was 2.5 sen higher at 47 sen, and V.S Industry slid one sen to 33 sen.
Among the top gainers, LPI Capital increased 14 sen to RM12.90, Genting Plantations jumped 12 sen to RM5.22, Mega Fortris leapt 11 sen to RM3.26, and Nestle put on 10 sen to RM90.00.
The top losers included Dutch Lady, which fell 44 sen to RM28.32, Kuala Lumpur Kepong declined 38 sen to RM19.78, UWC slipped 34 sen to RM6.96, and Malaysian Pacific Industries shaved off 30 sen to RM40.02.
Source: Bernama
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