Bursa opens lower but rebounds on bargain hunting
The main index advances to 1,680.21, led by fundamentally sound blue-chip stocks that have been sold down.
Bursa Malaysia's primary index began the trading day lower but experienced a rebound due to bargain hunting, particularly in fundamentally sound blue-chip stocks that had experienced declines. The benchmark FTSE Bursa Malaysia KLCI index opened 1.71 points lower at 1,677.50, after closing 1.11 per cent lower on Tuesday. Market breadth was negative, with more stocks falling than rising, and total turnover amounted to 390.15 million shares worth RM201.32 million.
Despite expectations of increased buying activity among investors, geopolitical risks and high oil prices are expected to continue posing challenges. Among notable stocks, Maybank rose two sen to RM10.44, Public Bank increased three sen to RM4.83, CIMB fell one sen to RM7.79, and Tenaga Nasional gained two sen to RM13.34. Top gainers included Nestle, MN Holdings' warrant, YTL Power, and UMS Integrated, while top losers were Malaysia Pacific Industries and Petronas Chemicals.
Sector-wise, the Financial Services Index saw a gain of 19.52 points, while the Plantation Index declined by 37.06 points.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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