Rakuten's Thong expects the FBM KLCI to consolidate within the 1,400 to 1,415 range for the rest of the week.
KUALA LUMPUR: Improved risk sentiment and bargain hunting in heavyweights led by Press Metal
Aluminium Holdings Bhd and Petronas Chemicals Group Bhd (PetChem) see Bursa Malaysia’s main index gain 0.9%.
At 5pm, the FBM KLCI advanced 12 points, or 0.89% to 1,409 compared with Monday’s close of 1,396.
The market bellwether, which opened five points higher at 1,401, moved between 1,398 and 1,409 throughout the session.
Market breadth remained mixed with decliners leading gainers by 416 to 410 while 430 counters were unchanged, 1,040 untraded and 24 others suspended.
Turnover, however, shrank to 2.83 billion units worth RM1.51bil from the previous day’s 3.37 billion units valued at RM1.72bil.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said, similarly, key regional markets were mostly in positive territory as concerns over the banking sector crisis have eased.
“As for the local bourse, despite the improving market sentiment, investors need to remain vigilant due to the rising volatility and uncertainty globally,” he told Bernama.
Thong expects the FBM KLCI to consolidate within the 1,400 to 1,415 range for the rest of the week. Among other heavyweights, most were in positive territory except for Tenaga Nasional Bhd, MISC Bhd, Axiata Group Bhd and Genting Bhd, which were in the red.
Press Metal and Sime Darby Plantation Bhd jumped 14 sen to RM4.83 and RM4.30 respectively, PetChem rose 13 sen to RM6.95, Public Bank Bhd gained five sen to RM3.94 while Malayan Banking Bhd went up seven sen to RM8.51.
