Bursa rebounds at opening on bargain hunting
The benchmark index opens higher at 1,648.30 despite negative cues from Wall Street.
Bursa Malaysia's main index, the KLCI, opened higher on Wednesday as bargain hunters entered the market following recent declines. The index rose 4.34 points, or 0.26%, to 1,648.30 from Tuesday's close of 1,643.96. Despite the opening gain, sellers still outnumbered buyers 214 to 174, with 293 counters unchanged, 2,174 untraded and 95 suspended. Turnover was at 265.65 million shares worth RM151.82 million.
Thong Pak Leng, Rakuten Trade Sdn Bhd's vice-president of equity research, noted that the market is currently oversold, offering opportunities for selective accumulation in robust blue-chip stocks. However, he cautioned that recovery will likely be modest unless foreign selling eases and banking champions regain support. He suggested a cautious session with bargain hunting around 1,640, with the index expected to trade within the 1,635-1,655 range.
Among the major players, Maybank climbed three sen to RM10.02, Public Bank added two sen to RM4.74, while CIMB slipped two sen to RM7.76. Tenaga Nasional rose 10 sen to RM12.82, and IHH Healthcare remained flat at RM7.87. Among the top gainers, Allianz Malaysia and MISC each gained 14 sen to RM21 and RM7.74, respectively. Hong Leong Industries and MI Technovation each added nine sen to RM16.60 and RM8.70, respectively.
Eurospan led the top losers, falling 29 sen to RM2.95, while Petronas Dagangan and Aeon Credit each dropped 14 sen to RM19.04 and RM5.05, respectively.
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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- Bursa Malaysia rebounds on bargain hunting after recent losses malaymail.com
- Bursa rebounds at opening on bargain hunting freemalaysiatoday.com
- Bursa Malaysia rebounds at opening on bargain hunting nst.com.my
