Bursa opens higher on bargain hunting, retreats thereafter

Bursa Malaysia commenced trading on Tuesday with a modest gain, only to see its momentum fade later in the session. The benchmark index began the day at 1,666.81, slightly down from Monday's close of 1,666.94. Despite the initial dip, the market witnessed a bullish sentiment as bargain hunters stepped in, driving Brent crude oil prices lower and easing international tensions. By 9:10 am, the index had slipped by 0.13 points to 1,666.81, marking a decline from its previous close.

Market breadth favored the bulls, with gainers outnumbering losers by a ratio of 265 to 150. A total of 294 stocks maintained their previous day's value, while 2,164 shares remained untraded and 11 were suspended. The trading volume comprised 314.78 million shares, valued at RM148.07 million.

Equity Research Vice-President at Rakuten Trade Sdn Bhd, Thong Pak Leng, expressed optimism about the local bourse, citing its weak performance in the previous week. He believed the index's valuation was favorable, currently below the 16.5 times price-to-earnings average. For today, Thong anticipated continued buying interest, predicting the index would trade within the 1,665 and 1,680 range.

Among the notable performers, Maybank rose two sen to RM10.40, CIMB added four sen to RM7.69, and Public Bank slipped by one sen to RM4.78. Top gainers included BMS, AirAsia, and Kinergy Advancement, while heavyweights like Tenaga Nasional and IHH Healthcare ended the day lower. The FBM Mid 70 Index, FBM Emas Index, and FBM Top 100 Index also experienced gains during the session.