Bursa stages rebound to close at intra-day high on late bargain-hunting

The Star

6 days ago

KUALA LUMPUR: Late bargain hunting of consumer-related stocks pushed Bursa Malaysia to close at its intraday high on Wednesday, allowing the market to recover losses in the previous two sessions.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) bounced 10.39 points, or 0.68 per cent, to close at an intra-day high of 1,529.79 from yesterday's close of 1,519.40.
The benchmark index opened 0.08 of a point higher at 1,519.56 and moved between 1,519.48 and 1,529.79 throughout the trading session.
Gainers led losers in the broader market 627 to 387, while 496 counters were unchanged and 969 untraded, with seven suspended.
Turnover jumped to 3.27 billion shares worth RM2.26 billion from 2.82 billion shares worth RM2.05 billion on Tuesday.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI closed the day on a firmer footing as the market sentiment was lifted following Prime Minister Datuk Seri Anwar Ibrahim's announcement of a one-off RM100 cash handout, which drove renewed interest in consumer-related stocks. "As a result, the consumer sector led gains among FBM KLCI constituents,' he told Bernama.
Mohd Sedek said regional markets also posted broad-based gains, supported by improved sentiment after the United States agreed to impose a reduced 15 per cent import duty on selected Japanese goods, which exclude strategic items such as steel and aluminium, which remain subject to elevated tariffs. "This marked a de-escalation from the previously threatened 25 per cent levy scheduled to take effect on Aug 1 in the absence of a bilateral agreement,' he added.
Similarly, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key index closed higher as major regional bourses staged a strong rebound after US President Donald Trump announced that he had completed a "massive deal' with Japan.
"Back home, despite heightened external volatility, we believe Malaysian equities remain fundamentally resilient. The benchmark index is attempting to reclaim the 1,530 level, and a breakout supported by strong volume could pave the way for a sustained upward trajectory.
"As such, we maintain our weekly FBM KLCI target at between 1,510-1,540,' he added.
Regionally, Hong Kong's Hang Seng advanced 1.13 per cent to close at 25,413.48, Singapore's Straits Times Index improved 0.47 per cent to 4,227.85, and South Korea's Kospi gained 0.44 per cent to 3,183.77. Japan's Nikkei 225 rallied 3.51 per cent to 41,171.32.
Of the heavyweight stocks, Maybank earned six sen to RM9.59, Tenaga Nasional was 16 sen better at RM13.94, and CIMB gained 12 sen to RM6.67. IHH Healthcare improved two sen to RM6.62, CelcomDigi added four sen to RM3.83, while Public Bank dropped two sen to RM4.29.
Top gainers were led by Nestle, which jumped 94 sen to RM76.90, while Fraser and Neave and Hong Leong Industries added 26 sen to RM28.70 and RM13.26, respectively. UMW was 19 sen better at RM2.24, while Vitrox and Sam Engineering gained 17 sen each to RM4.74 and RM4.19.
Among the most active stocks, NexG gained 1.5 sen to 52 sen, while Tanco and Ekovest both added half-a-sen to 91.5 sen and 39.5 sen, respectively. Zetrix was two sen better at 94.5 sen, and Green Packet topped up half-a-sen to five sen.