Kuala lumpur: Bursa Malaysia rebounded to open higher on Friday, driven by improved market sentiment following an announcement clarifying that Morgan Stanley Capital International's (MSCI) recent actions were specific to Indonesia, with no anticipated similar concerns for Malaysia. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.24 points to 1,738.13, after opening 1.73 points higher at 1,732.62, compared with Thursday's close of 1,730.89.
According to BERNAMA News Agency, gainers led losers 190 to 168 on the broader market, while 303 counters remained unchanged. A total of 2,029 counters were untraded, and 61 were suspended. Market turnover was recorded at 171.43 million shares valued at RM114.85 million. On Thursday, Bursa Malaysia Bhd's chief executive officer, Datuk Fad'l Mohamed, stated that the exchange's closure and transparency standards remain robust, emphasizing that initial public offerings (IPOs) with a free float below 25 percent have not raised material concerns for MSCI.
Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng, mentioned that Bursa Malaysia reiterated local free-float levels remain within set parameters and pose no systemic risks under MSCI requirements. He noted the FBM KLCI's decline to around the 1,730 mark on Thursday, attributing it to concerns from the sell-off in Indonesia regarding free floats among listed companies. Thong anticipates a rebound, with the index likely to fluctuate between 1,730 and 1,750.
Among heavyweights, Maybank and CIMB saw price increases, while Public Bank gained, Tenaga Nasional slipped, and IHH Healthcare remained flat. On the most active list, Dagang NeXchange, Pharmaniaga, and SP Setia showed varied performances, with some falling and others climbing slightly.
Top gainers included Hong Leong Bank, Hong Leong Industries, Frontken Corporation, and Hibiscus Petroleum, while leading decliners were Hong Leong Financial Group, Allianz Malaysia, New Hoong Fatt Holdings, and Azam Jaya. The index board showed positive movements across various indices, with the FBM Top 100, FBM Emas, FBM Emas Shariah, FBM ACE, and FBM Mid 70 indices all registering gains. Sector-wise, the Financial Services, Industrial Products and Services, Plantation, and Energy indices also saw upward movements.