Bursa bounces as bargain-hunting picks up

KUALA LUMPUR: There was a slight bounce on Bursa Malaysia following the recent sell-off as bargain-hunting activities offered support.

At 9.05am, the FBM KLCI was up 3.12 points to 1,512.03.

There was positive market breadth on the market with 157 gainers compared to 96 decliners.

"We believe the downward move on the local front may persist, given Wall Street finished another session in the red.

"However, we expect investors to pick up significantly bashed down companies with solid fundamentals

ahead of the earnings season," said Malacca Securities Research.

There was a bounce in financial counters led by Maybank up two sen to RM8.25, Public Bank climbing two sen to RM4.20 and CIMB rising three sen to RM5.28.

Press Metal rose five sen to RM6.05 and Tenaga Nasional added three sen to RM9.09.

On the broader market QL shaved 10 sne to RM4.90, MPI dipped eight sen to RM39.04 and CanOne slid five sen to RM3.37.

Vitrox rose nine sen to RM7.89, Woodlandor gained nine sen to RM1.45 and United Plantation rose 10 sen to RM14.10.

Top actives on the market were DNeX rising two sen to 88 sen, Pertama Digital unchanged at 64 sen and Senheng gaining 0.5 sen to 86 sen.