Bursa rebounds on lower oil prices, easing US yields

Bursa Malaysia opened higher on Friday, buoyed by lower oil prices, easing U.S. Treasury yields and robust labor market data. The benchmark FTSE Bursa Malaysia KLCI climbed 1.11 points, or 0.06%, to 1,675.85, from Thursday's close of 1,674.74. The index began the day 1.98 points above its previous level at 1,676.72. The trading activity was positive, with more gainers outperforming losers by a margin of 276 to 111.

A total of 281 stocks remained unchanged, while 2,198 were untraded and 22 were suspended, with turnover at 219.07 million shares valued at RM104.76 million. Rakuten Trade Sdn Bhd's equity research vice-president, Thong Pak Leng, attributed the index's recovery to the 10-year Treasury yield dropping below the five percent level and Brent crude oil falling by around one percent to US$103-US$104 per barrel.

Thong anticipates the KLCI to trade between 1,670 and 1,685 throughout the day, driven by selective bargain hunting in the technology and semiconductor sectors following the index's previous decline of 0.26%. Among notable changes, Maybank and CIMB fell by two sen each to RM10.34 and RM7.67, respectively, while IHH Healthcare dropped by six sen to RM7.63.

Public Bank and Tenaga Nasional saw slight gains, ending at RM4.81 and RM13.34, respectively. The top gainers included Malaysian Pacific Industries (up RM1.20 to RM41.22), MN Holdings (up 11 sen to RM3.63), and Pentamaster, MI Technovation, and Sunway Construction, all up by 10 sen to RM5.32, RM5.69, and RM7.22, respectively. On the other hand, Petronas Dagangan, Nestle, Chin Teck Plantations, and Fraser & Neave all experienced declines, with Petronas Dagangan falling by 30 sen to RM20.78, Nestle dropping 12 sen to RM90.40, and Chin Teck Plantations and Fraser & Neave reducing by six sen each to RM10.20 and RM22.80, respectively.