Kuala lumpur: Bursa Malaysia ended higher today, aligning with regional equities as bargain hunting activities emerged following a brief dip of the benchmark index below the psychological 1,700 mark in recent trading sessions. The FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 14.98 points, or 0.88 percent, to close at an intraday high of 1,713.20, recovering from Wednesday's close of 1,698.22.
According to BERNAMA News Agency, the benchmark index opened 8.03 points higher at 1,706.25 and briefly slipped to an intraday low of 1,701.83 in early trade. The market saw 572 gainers against 511 losers, with 523 counters remaining unchanged, and 1,016 untraded. Turnover declined to 2.85 billion units worth RM3.26 billion from the previous day's 3.51 billion units worth RM3.79 billion.
Mohd Sedek Jantan, director of investment strategy and country economist at IPPFA Sdn Bhd, observed that the FBM KLCI opened on a firm footing and maintained its upward momentum throughout the afternoon session. Today's gains helped recoup most of the losses recorded yesterday, suggesting that investors are cautiously acquiring stocks with strong fundamentals after the recent market downturn.
Basic materials and oil-related counters led the gains among index constituents, supported by a sharp rise in global energy prices. Utilities stocks, however, emerged as the main laggards amid profit-taking. Mohd Sedek Jantan noted that investor sentiment was further stabilized by Bank Negara Malaysia's decision to keep the Overnight Policy Rate unchanged at 2.75 percent, reinforcing expectations of a supportive domestic monetary policy for economic growth despite external uncertainties.
Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, anticipates continued bargain hunting in oversold blue chip stocks, providing intermittent support as valuations become more attractive post-correction. He expects the FBM KLCI to move within the 1,690-1,720 range towards the weekend.
Regionally, markets also closed higher, with Singapore's Straits Times Index climbing 0.70 percent to 4,846.56, Hong Kong's Hang Seng Index adding 0.28 percent to 25,321.34, Japan's Nikkei 225 advancing 1.90 percent to 55,278.06, and South Korea's KOSPI surging 9.63 percent to 5,583.90.
Among Bursa Malaysia's heavyweights, Maybank gained four sen to RM11.70, Public Bank firmed six sen to RM4.90, CIMB rose by nine sen to RM8.04, RHB Bank remained flat at RM8.50, while Hong Leong Bank shed eight sen to RM22.98.
The session witnessed notable movements in actively traded stocks, with Zetrix AI gaining one sen to 78 sen, Hengyuan Refining Company rising five sen to RM1.59, and GDB inching up half-a-sen to 37.5 sen. Meanwhile, AirAsia X fell 26 sen to RM1.42.
Top gainers included Nestle, which jumped RM1.10 to RM108.10, Malaysian Pacific Industries rose 54 sen to RM31.04, Press Metal climbed 25 sen to RM7.65, and Malayan Cement increased 21 sen to RM8.33. Conversely, Fraser and Neave tumbled 90 sen to RM33, while Hong Leong Financial Group and Kelington slipped 42 sen and 20 sen, respectively.
On the index board, the FBM Emas Index increased by 82.86 points to 12,517.33, while the FBMT 100 Index and FBM Emas Shariah Index saw gains. By sector, the Financial Services Index rose, whereas the Energy Index saw a slight decline.
Despite the overall positive trend, the Main Market volume fell to 1.82 billion units valued at RM3.05 billion. Warrants turnover and the ACE Market volume also experienced declines from previous sessions.