Kuala lumpur: Bursa Malaysia ended two days of losses to close higher on Thursday, tracking gains in the regional markets as bargain-hunting activities emerged following the recent sell-off. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 9.44 points or 0.63 per cent to 1,520.94 from Wednesday’s close of 1,511.50. The benchmark index opened 0.39 of a point higher at 1,511.89 and subsequently moved between 1,511.64 and 1,521.15 throughout the session.
According to BERNAMA News Agency, the market breadth was positive, with 547 gainers outpacing 416 decliners and 475 counters unchanged, while 1,019 were untraded and eight suspended. Turnover eased to 3.17 billion shares worth RM2.48 billion, compared with 3.18 billion shares worth RM2.44 billion on Wednesday. UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research Mohd Sedek Jantan noted that regional bourses recorded gains, indicating a broader return of risk appetite.
The local market moved in sync with most of its regional peers. Singapore’s Straits Times Index rose 0.66 per cent to 4,159.57, South Korea’s Kospi advanced 0.37 per cent to 3,192.29, and Japan’s Nikkei 225 gained by 0.6 per cent to 39,901.19. However, Hong Kong’s Hang Seng Index slightly decreased by 0.08 per cent to 24,498.95. Mohd Sedek highlighted the importance of upcoming United States economic data releases, such as June retail sales figures and last week’s jobless claims, which might provide insights into the US Federal Reserve’s policy outlook and global market sentiment.
Mohd Sedek further mentioned that the FBM KLCI’s rebound was driven by investors seizing on undervalued opportunities, emphasizing that market fear often dissipates more quickly than value does. He attributed the day’s performance to a technical rebound, with bargain-hunters rotating into stocks that had been heavily sold down in previous sessions.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng commented that stronger-than-expected China’s gross domestic product figures also boosted investor sentiment. He expressed the need for the benchmark index to reclaim the 1,530 level with robust volume for a sustained upward trajectory, anticipating the FBM KLCI to trend within the range of 1,510-1,530 towards the weekend.
Among heavyweight counters, Public Bank gained two sen to RM4.25, Tenaga Nasional added 10 sen to RM13.78, and IHH Healthcare was one sen higher at RM6.53, while Maybank and CIMB remained flat at RM9.53 and RM6.50, respectively. In active trade, ACE Market debutant iCents Group gained 10 sen to 34 sen, while other counters such as NexG and Tanco saw minor gains.
On the index board, the FBM Emas Index increased by 54.14 points to 11,425.17, with other indices such as FBMT 100 and FBM Emas Shariah also showing gains. The Main Market volume retreated slightly, while the ACE Market volume saw a notable increase. Various sectors, including financial services, industrial products, and energy, contributed to the overall positive market performance.