Bursa Malaysia rebounds to snap four-day losing streak, closes at intraday high

Bursa Malaysia's benchmark index, the FTSE Bursa Malaysia KLCI, rebounded on Monday after a four-day losing streak, closing at an intraday high of 1,698.01 points and gaining 0.66 percent. The index opened slightly lower at 1,686.65, fell to an intraday low of 1,682.49 before settling at its highest level of the day. The market showed a negative breadth, with more stocks falling than rising, but bargain hunting helped accelerate the recovery.

Experts suggest that the index could continue its rebound in the near term, supported by China's retail sales and industrial production data, as well as global market developments and commodity prices. Valuations of selected blue-chip stocks, particularly banking stocks, have become more attractive, leading to increased interest from longer-term investors.

However, market volatility is expected to remain elevated due to external uncertainties, such as developments in West Asia, crude oil prices, and upcoming policy decisions from the Federal Reserve and Bank of Japan. Some of the top gainers among heavyweights include Maybank, Public Bank, CIMB, Tenaga Nasional, and IHH Healthcare, while top losers include Malaysian Pacific Industries, Nestle, and Allianz Malaysia.