Kuala lumpur: Bursa Malaysia ended higher on bargain hunting, continuing its recovery from last week's pullback, although early gains diminished later in the day. At the close of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 7.38 points, or 0.42 percent, reaching 1,748.26 from the previous close of 1,740.88.
According to BERNAMA News Agency, the market bellwether began the day 15.21 points higher at 1,756.09, reaching a peak of 1,757.51 before falling to a low of 1,742.68 during the mid-morning session. The broader market saw more losers than gainers, with 662 losers compared to 464 gainers, while 556 counters remained unchanged, 953 were untraded, and seven were suspended.
Turnover increased to 3.25 billion shares valued at RM3.34 billion, compared to last Friday's 2.73 billion shares valued at RM3.43 billion. IPPFA Sdn Bhd's director of investment strategy, Mohd Sedek Jantan, noted that the index traded sideways in the afternoon, reflecting profit-taking and tactical positioning rather than a decline in market structure. He highlighted that the index remains above its key moving averages, suggesting that any near-term weakness is corrective.
Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, added that the FBM KLCI's upward momentum aligns with stronger regional sentiment. He pointed out that Asian markets ended mostly higher, driven by gains in South Korea and Japan amid a rally in AI-related shares. Investors are now focusing on major corporate earnings, including those from Amazon and Alphabet.
Thong indicated that the local market maintains a positive tone, supported by steady buying interest and improving investor confidence. He expects the index to stay above the key support zone at 1,730, providing a foundation for further rallies, and anticipates the FBM KLCI to move within the 1,730-1,760 range for the week.
Among the heavyweights, Maybank added 14 sen to RM11.94, Public Bank increased by 8.0 sen to RM4.95, and Tenaga Nasional gained 18 sen to RM14.12. CIMB and IHH Healthcare saw minor declines. On the active list, Pharmaniaga improved by 4.0 sen, while Gamuda and Capital A experienced losses.
Top gainers included Malaysian Pacific Industries and Nestle, while United Plantations and Fraser and Neave led the decliners. The FBM Top 100 Index and FBM Emas Index saw gains, while the FBM Mid 70 Index and FBM ACE Index experienced declines. The Financial Services and Plantation indices rose, while the Energy Index fell.
Market volume on the Main Market improved, with significant activity in consumer products and services, industrial products, and technology sectors. Warrants turnover and the ACE Market volume also increased compared to last Friday.