Bursa Malaysia extends winning streak as bargain hunting continues

Bursa Malaysia's index continued its four-day winning streak, closing higher today as bargain hunting took place, particularly in banking giants. The market remained largely positive throughout the trading session. By 5 pm, the FTSE Bursa Malaysia KLCI gained 4.37 points, or 0.26%, reaching 1,627.72, up from yesterday's close of 1,623.35.

The benchmark index started the day at 1,623.94 and saw an intraday low at that level, before peaking at 1,628.01. Gainers outnumbered decliners 541 to 532 in the broader market, with 566 counters trading unchanged, 1,216 shares untraded, and 21 suspended. Turnover slipped to 3.25 billion units worth RM3.03 billion from 3.60 billion units worth RM3.32 billion the previous day.

Financial services counters Public Bank and AMMB Holdings gained seven sen each, while Maybank added two sen to its price. Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, expressed a mildly positive outlook, stating that the recent correction had brought valuations of selected blue chips to more attractive levels, presenting opportunities for further accumulation.

He anticipated the FBM KLCI to consolidate with a mild upward bias over the remainder of the week, but noted that the recovery might remain selective due to weak broader market participation. Kenneth Leong, head of research at Berjaya Research Sdn Bhd, suggested that the FBM KLCI could face near-term profit-taking after four consecutive days of gains, with investors watching US inflation data and corporate earnings closely.

The top gainers included Malaysian Pacific, Kuala Lumpur Kepong, Bus Cap, and Mentiga Corporation, while the top losers were Samaiden Group, Solarvest, and Fraser & Neave. Sector-wise, the Financial Services Index rose 58.26 points, and the Plantation Index increased 83.85 points. However, the Energy Index dropped 7.01 points.