Bursa closes higher on bargain-hunting activities
At 5pm, the FBM KLCI gained 9.44 points or 0.63% 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.
The market breadth was positive, with 547 gainers outpacing 416 decliners and 475 counters unchanged, while 1,019 were untraded with eight suspended.
Turnover eased to 3.17 billion shares worth RM2.48bil, compared with 3.18 billion shares worth RM2.44bil on Wednesday.
UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research, Mohd Sedek Jantan, said regional bourses recorded gains, suggesting a broader return of risk appetite.
The local market was in sync with most of its regional peers – Singapore's Straits Times Index rose 0.66% to 4,159.57, South Korea's Kospi advanced 0.37% to 3,192.29 and Japan's Nikkei 225 gained by 0.6% to 39,901.19.
However, Hong Kong's Hang Seng Index inched down 0.08% to 24,498.95.
'Looking ahead, attention will turn to key United States economic data releases later today, with June retail sales figures and last week's jobless claims scheduled for release.
'These indicators are likely to offer further insight into the strength of US consumer spending and labour market conditions – both critical gauges for the US Federal Reserve's policy outlook and global market sentiment,' he told Bernama.
Mohd Sedek also said the FBM KLCI staged a sharp rebound as investors seized on undervalued opportunities – a timely reminder that market fear often fades faster than value does.
'The performance was underpinned by a technical rebound, with bargain-hunters rotating into stocks that had been heavily sold down in recent sessions,' he added.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the stronger-than-expected China gross domestic product figures also lifted investor sentiment.
'We believe the benchmark index needs to reclaim the 1,530-point level with strong volume in order to stage a sustained upward trajectory.
'For the moment, we anticipate the FBM KLCI to trend within the range of 1,510 to 1,530 towards the weekend,' he said.
Furthermore, among the heavyweight counters, Public Bank Bhd gained two sen to RM4.25, Tenaga Nasional Bhd added 10 sen to RM13.78 and IHH Healthcare Bhd was one sen higher at RM6.53, while Malayan Banking Bhd and CIMB Group Holdings Bhd were flat at RM9.53 and RM6.50, respectively.
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