Mild bargain-hunting on Bursa Malaysia after recent losses


KUALA LUMPUR: There could be bargain-hunting on the domestic market despite ongoing weak investor sentiment, characterised by profit-taking and a retreat of foreign funds, said Apex Securities Research.

In its outlook, the research firm said investors could be on the lookout for cheap buys today following the previous day's pullback.

"In this volatile market environment, we maintain a preference for blue-chip stocks with strong fundamentals.

"Meanwhile, the construction sector appears resilient amid market corrections, likely supported by significant ongoing developments in the country," it said.

It added that investors should closely watch Malaysian's inflation data and the US personal consumption expenditures report, both scheduled for release this week.

At the start of trading, the FBM KLCI was little changed, rising a marginal 0.05 points to 1,589.71.

Axiata rose six sen to RM2.67, IHH gained four sen to RM6.34 and Tenaga Nasional added two sen to RM13.74.

Decliners included Kuala Lumpur Kepong falling eight sen to RM20.35, PPB sliding 16 sen to RM14.40 and Hong Leong Bank falling eight sen to RM19.08.

Meanwhile, leading market gainers included United Plantations up 10 sen to RM24, Carlsberg rising six sen to RM18.84 and Hartalega gaining five sen to RM3.22.

Top actives included Ingenieur flat at 6.5 sen, Systech up three sen to 47 sen and Velesto unchanged at 25 sen.

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