Bursa Malaysia rebounds to close higher on bargain hunting
KUALA LUMPUR: Bursa Malaysia picked up momentum in the final hour of trading to close marginally higher, driven by bargain-hunting in energy and telecommunication stocks during the late session, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.72 points, 0.31 per cent, to its intraday high of 1,507.97 from Tuesday's close of 1,503.25. The index thus ended its six-day losing streak to end in the positive territory.
The benchmark index opened 3.85 points higher at 1,507.10 and thereafter slipped to a low of 1,501.11 in the early trade, experienced choppy trading in the afternoon session before trending upwards towards closing.
Market breadth was, however, slightly negative as decliners outpaced gainers 494 to 442, while 450 counters were unchanged, 953 untraded and 18 suspended.
Turnover slid to 2.40 billion units worth RM2.03 billion compared with Tuesday's 3.04 billion units valued at RM2.20 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local market mirrored the upbeat key regional bourses on speculation that the United States (US) and Chinese leaders may reconnect this week to restart trade negotiations.
White House officials said President Donald Trump would speak with his Chinese counterpart Xi Jinping this week.
As for the local bourse, he said lingering concerns over trade tensions and their impact on the global economy were causing investors to remain cautious.
"We are hopeful that the negotiations between the US and China will ease tensions and boost sentiment among local investors.
"For the moment, we maintain our weekly FBM KLCI target at between 1,490 and 1,520 pending the emergence of fresh catalysts," Thong told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said sentiment remained cautious following the Organisation for Economic Cooperation and Development's (OECD) latest report, which downgraded its 2025 US gross domestic product (GDP) growth forecast from 2.2 per cent to 1.6 per cent, citing policy uncertainty and the adverse impact of Trump's renewed tariff measures.
This includes a proclamation doubling US tariffs on steel and aluminium to 50 per cent, effective immediately, adding fresh pressure on global markets.
Mohd Sedek said that despite the modest rebound in the benchmark index, broader market sentiment remained cautious.
"Trading activity was subdued, with total volume easing to 2.4 billion shares, down from 3.0 billion the previous day, signalling continued investor caution amid persistent global and domestic headwinds," he said.
On the local bourse, heavyweights Petronas Dagangan jumped 96 sen to RM20.96, YTL Corporation perked up 8.0 sen to RM1.88, and CelcomDigi rose 14 sen to RM3.92. YTL Power International and Maxis added 9.0 sen each to RM3.29 and RM3.65, respectively.
As for active stocks, TWL added half-a-sen to 2.5 sen, Tanco eased 1.5 sen to 98.5 sen, Gamuda garnered 7.0 sen to RM4.66, NationGate slid 3.0 sen to RM1.43, and XOX Networks slipped half-a-sen to 1.0 sen.
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