Bargain hunting lifts Bursa Malaysia to end at intraday high
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.66 points or 0.76 per cent to close at 1,538.64 from Monday's close of 1,526.98.
The benchmark index, which had opened at its lowest level of 1,528.63 and hit its highest level of 1,538.64 for the trading day.
However, the broader market was negative, with decliners outpacing gainers 533 to 479, while 505 counters were unchanged, 973 untraded and seven suspended.
Turnover rose to 2.87 billion units worth RM2.75 billion from 2.63 billion units worth RM1.94 billion on Monday.
UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the local market appears to be stabilising, providing near-term support for equity valuations and risk appetite, with global monetary policy turning incrementally dovish and geopolitical tensions easing.
"The rising expectations of United States (US) Federal Reserve rate cuts reinforced a pro-risk environment, particularly benefitting sectors with inverse sensitivity to interest rate volatility.
"Additionally, regional equity markets closed mostly higher, buoyed by improved geopolitical sentiment and policy signals from China," he told Bernama.
Among the heavyweights, Maybank and Tenaga Nasional rose 12 sen each to RM9.66 and RM13.28, IHH Healthcare gained 15 sen to RM6.85, while Public Bank and CIMB were flat at RM4.24 and RM6.75 respectively.
Of the most active counters, TWL remained unchanged at 2.5 sen, Pharmaniaga advanced half-a-sen to 18.5 sen, while Top Glove lost two sen to 63.5 sen, Tanco and Sinaran Advance Group both inched down half-a-sen to 81.5 sen and 1.5 sen
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