Bursa Malaysia rises for 2nd straight day on continued bargain hunting
KUALA LUMPUR: Bursa Malaysia closed higher for the second consecutive day as bargain hunting persisted after last week's sell-off, in line with the upbeat performance of regional markets, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 0.67 per cent, or 10.15 points, to 1,518.12 from Wednesday's close of 1,507.97.
The benchmark index opened 2.73 points higher at 1,510.70, and moved between 1,509.25 and 1,520.34 throughout the trading session.
The broader market remained positive with gainers outpacing decliners 641 to 341, while 437 counters were unchanged, 937 untraded, and 20 suspended.
Turnover improved to 2.42 billion units valued at RM2.27 billion compared with Wednesday's 2.40 billion units worth RM2.03 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices also finished higher with strong buying in technology (tech), electric vehicle (EV) and real estate stocks.
Global tech stocks found support as US Treasury yields declined, driven by soft labour data that heightened expectations of further rate cuts by the Federal Reserve (Fed).
At the same time, market participants are closely monitoring ongoing trade tensions under US President Donald Trump and the potential for discussions with China's President Xi Jinping.
Back home, the benchmark index remains well-supported above the 1,500 level, reflecting underlying market resilience.
"Despite heightened global volatility, we believe the fundamentals of local equities remain solid, underpinned by attractive valuations and stable corporate earnings.
"As such, we anticipate the FBM KLCI to trend within the 1,500-1,530 range towards the weekend,' Thong told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said adding to the cautious macroeconomic outlook, the Organisation for Economic Co-operation and Development has revised its US gross domestic product (GDP) growth forecast for 2025 downward, from 2.2 per cent to 1.6 per cent.
"This recalibration of rate expectations provide a tailwind to regional equity markets, with Asian indices broadly outperforming,' he added.
Locally, the FBM KLCI was led by gains in the consumer, utilities, and construction sectors -- industries typically more sensitive to the interest rate dynamics.
In contrast, banking counters were under pressure, reflecting the yield curve repricing and margin compression risk should the Fed pivot more dovishly than previously anticipated.
"While today's rebound is encouraging, it would be premature to call a sustained recovery. Markets still lack a decisive catalyst, and external risks -- particularly the uncertainty trajectory of US-China trade relations-continue to cloud outlook.
"Trading volumes remain below trend, with 2.4 billion shares changing hands compared to the daily average of 3.0 billion -- underscoring the market's cautious tone,' Mohd Sedek added.
Among the heavyweights, YTL Corp surged 15 sen to RM2.03, YTL Power International soared 22 sen to RM3.51, Petronas Chemicals garnered 12 sen to RM3.36, Press Metal added 15 sen to RM5.05, and Sime Darby rose 5.0 sen to RM1.75.
As for active stocks, ACE Market debutant Signature Alliance Group advanced 8.0 sen to 70 sen, MYEG put on 3.0 sen to 93 sen, NexG fell half-a-sen to 37.5 sen, Tanco was 1.5 sen better at RM1, and Gamuda added 8.0 sen to RM4.74.
On the index board, the FBM Emas Index increased 79.76 points to 11,362.83, the FBMT 100 Index garnered 75.42 points to 11,128.36, and the FBM ACE Index climbed 38.49 points to 4,518.14.
The FBM Emas Shariah Index jumped 99.09 points to 11,340.74 and the FBM 70 Index leapt 114.31 points to 16,283.31.
Sector-wise, the Financial Services Index fell 18.27 points to 17,739.57, the Plantation Index gained 15.71 points to 7,219.38, the Energy Index put on 6.15 points to 708.61, and the Industrial Products and Services Index edged up 2.02 points to 152.12.
The Main Market volume rose slightly to 1.16 billion units valued at RM2.00 billion against Wednesday's 1.15 billion units worth RM1.83.
Warrants turnover dwindled to 898.22 million units worth RM114.39 million from 967.10 million units valued at RM118.58 million yesterday.
The ACE Market volume expanded to 361.18 million shares worth RM153.86 million versus 288.86 million shares valued at RM78.35 million previously.
Consumer products and services counters accounted for 140.75 million shares traded on the Main Market, industrial products and services (158.91 million), construction (122.71 million), technology (228.74 million), SPAC (nil), financial services (79.12 million), property (143.30 million), plantation (13.83 million), REITs (13.15 million), closed/ fund (5,100), energy (61.45 million), healthcare (67.09 million), telecommunications and media (33.94 million), transportation and logistics (24.38 million), utilities (79.29 million), and business trusts (10,100). - Bernama
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