Bursa snaps four-day losing streak to end higher


Rakuten Trade's Thong anticipates the FBM KLCI to trend sideways with an upside bias within the range of 1,530-1,550 for the remainder of the week.

KUALA LUMPUR: Bursa Malaysia snapped four consecutive days of losses to end higher yesterday as bargain hunting emerged following the recent sell-off, says an analyst.

At 5pm, the FBM KLCI rose 5.42 points, or 0.35% to 1,540.42 from Tuesday’s close of 1,535.0.

The benchmark index, which opened 0.05 of-a-point firmer at 1,535.05, moved between 1,532.95 and 1,541.88 throughout the trading session.

On the broader market, gainers trounced decliners 717 to 318, while 469 counters were unchanged, 848 untraded and 11 others suspended.

Turnover slipped to 3.45 billion units worth RM2.67bil from 4.93 billion units worth RM3.72bil on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said most key regional indices also rebounded following the recent sell-off, which saw Hong Kong’s Hang Seng Index inch up 0.02% to 16,251.84, China’s SSE Composite Index improved 2.14% to 3,071.38, and Singapore’s Straits Times Index rose 0.63% to 3,164.42.

Nonetheless, gains are capped in certain markets on expectations the US interest rates will stay high, he told Bernama.

“On the domestic front, we remain cautious as the short-term direction of the local market is significantly influenced by external factors such as regional volatility, interest rates and geopolitical tensions. However, we expect stock accumulation to persist on market dips,” he said.

Thong also anticipates the FBM KLCI to trend sideways with an upside bias within the range of 1,530-1,550 for the remainder of the week, with immediate support at 1,530 and resistance at 1,570.

Meanwhile, Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said investors are adeptly navigating through a dual narrative, namely the necessity for additional policy support to facilitate China’s gradual recovery and the backdrop of a resilient US economy.

“Furthermore, concerns regarding the Middle East crisis appear to be easing as first-quarter corporate earnings reports continue to be released,” he said.

Among the heavyweights, Malayan Banking Bhd added two sen to RM9.60, Public Bank Bhd and CIMB Group Holdings Bhd gained five sen to RM4.15 and RM6.53, respectively, Tenaga Nasional Bhd put on four sen to RM11.52, and Petronas Chemicals Group Bhd increased three sen to RM6.83.

As for the actives, Bina Puri Holdings Bhd and MyEG Services Bhd edged up half-a-sen to 8.5 sen and 77.5 sen, respectively, while Alpha IVF Group Bhd eased half-a-sen to 33 sen, Avillion Bhd shed 1.5 sen to 4.5 sen and Ingenieur Gudang Bhd was flat at 14.5 sen.

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