KUALA LUMPUR: Bursa Malaysia closed higher today, with the benchmark index reclaiming the psychological 1,600-point level on selective bargain hunting.
However, gains were capped as investors shifted towards smaller-cap technology stocks, an analyst said.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.69 points, or 0.16%, to 1,602.27 from Tuesday’s close of 1,599.58.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the firm believed market sentiment remained cautious, particularly as foreign selling had yet to subside.
Nevertheless, he noted that Malaysia’s underlying economic fundamentals remained resilient, while inflation eased to 1.8% in September, providing some reassurance about domestic price pressures.
“More importantly, the recent market correction has brought selected fundamentally sound blue-chips to more attractive valuations, particularly companies with healthy earnings prospects and sustainable dividend yields.
“We expect improving risk-reward opportunities to encourage selective accumulation of fundamentally sound blue-chips, providing support for a gradual market recovery,” he told Bernama.
Rakuten Trade expects the FBM KLCI to trend within the 1,580–1,610 range for the remainder of the week, although geopolitical developments might trigger intermittent volatility.
The index opened 3.83 points higher at 1,603.41, notching its intraday high, and subsequently hit its day’s low of 1,596.69 in the early trading session.
On the broader market, gainers outnumbered decliners 626 to 416, while 502 counters were unchanged, 1,317 untraded and 20 suspended
Turnover narrowed to 2.76 billion units worth RM2.58 billion against Tuesday’s 2.86 billion units worth RM2.42 billion.
Among heavyweights, IHH Healthcare added three sen to RM7.94, Press Metal advanced 11 sen to RM6.86, Maybank and Public Bank were flat at RM9.95 and RM4.73, respectively, while CIMB eased one sen to RM7.14 and TNB declined eight sen to RM12.98.
Of the active stocks, JAKS rose three sen to 17 sen, Ni Hsin put on half-a-sen to 47.5 sen, ACE-market debutant NWE Resources was flat at 20 sen, and Zetrix AI slipped half-a-sen to five sen.
Among the top gainers, Vitrox increased by 38 sen to RM10.68, UWC jumped 34 sen to RM7.30, Hong Leong Bank garnered 32 sen to RM21.52, and Kuala Lumpur Kepong climbed 30 sen to RM20.08.
The top losers included Nestle, which fell 66 sen to RM89.34, MISC shaved off 11 sen to RM8.30, while PTT Synergy and Allianz Malaysia shed 10 sen each to RM1.30 and RM19.30, respectively.
On the index board, the FBM Mid 70 Index leapt 160.40 points to 17,211.60, the FBM Emas Shariah Index increased 62.01 points to 11,910.87, the FBM Emas Index went up 48.26 points to 11,955.86, the FBM Top 100 Index was 43.0 points higher at 11,754.43, and the FBM ACE Index surged 94.15 points to 5,380.63.
Sector-wise, the Industrial Products and Services Index added 1.01 points to 175.39, the Energy Index shed 1.65 points to 821.23, the Plantation Index improved 34.98 points to 8,620.12, and the Financial Services Index firmed 49.71 points to 18,608.69.
The Main Market volume trimmed to 1.47 billion units worth RM2.29 billion against 1.55 billion units worth RM2.13 billion on Tuesday.
Warrants turnover fell to 815.43 million units worth RM115.24 million from 826.56 million units worth RM94.64 million yesterday.
The ACE Market volume slipped to 471.79 million units valued at RM167.58 million from 481.75 million units valued at RM186.42 million previously.
Meanwhile, consumer products and services counters accounted for 201.69 million shares traded on the Main Market, industrial products and services (254.02 million), construction (177.43 million), technology (259.24 million), financial services (88.79 million), property (132.32 million), plantation (40.23 million), real estate investment trusts (13.53 million), closed-end fund (44,200), energy (111.13 million), healthcare (90.84 million), telecommunications and media (24.05 million), transportation and logistics (52.18 million), utilities (31.70 million), and business trusts (8,300).