Bursa rebounds at opening on bargain hunting

KUALA LUMPUR: Bursa Malaysia's KLCI index opened higher on Wednesday following bargain hunting after recent losses, despite negative signals from Wall Street. The index recovered 4.34 points, or 0.26%, to 1,648.30 from Tuesday's close of 1,643.96. The trading volume was 265.65 million shares worth RM151.82 million. Experts noted that the market is currently oversold, providing opportunities for selective accumulation in fundamentally strong blue-chip stocks.

However, a more substantial recovery might be limited unless foreign selling eases and banking giants regain support. Among the major players, Maybank rose to RM10.02, Public Bank gained to RM4.74, while CIMB fell to RM7.76. Tenaga Nasional increased to RM12.82, and IHH Healthcare remained steady at RM7.87. Active trading saw Zetrix AI rise to 17 sen, V.S Industry recovering to 25 sen, Visdynamics expanding to 52 sen, while Cuscapi stayed unchanged at five sen and Gamuda rose to RM5.11.

Allianz Malaysia and MISC led the top gainers, advancing 14 sen to RM21 and RM7.74, respectively. Eurospan and Petronas Dagangan experienced the steepest declines, falling to RM2.95 and RM19.04, respectively. The FBM Mid 70 Index dropped 21.36 points to 17,588.72, while the FBM Emas Index climbed 19.22 points to 12,284.69.