KUALA LUMPUR: Bursa Malaysia rebounded sharply on Tuesday after a brutal sell-off the previous day.
The FBM KLCI rose 37.91 points, or 2.47% to 1,574.39, its intraday high. The move is the biggest since rising 4.04% on Nov 24, 2022. All sectoral indices closed positive.
Gainers led sellers by 1,083 to 309, while 348 counters traded unchanged. Trading volume was brisk at 6.4 billion shares valued at RM5.3bil.
Dealers noted that firmer US data and comments from the Federal Reserve eased recession fears. They added that significant oversold conditions could lead to accumulation on the local bourse.
The KLCI-component stocks were overwhelmingly positive, with 28 gainers and one loser.
PETRONAS Chemicals contributed the most to the index gain today and had the largest move, increasing 5.08%, or 27 sen to RM5.59 with 9.21 million shares traded.
On the other hand, Nestle was the biggest drag on the index and had the biggest drop, declining 0.46%, or 50 sen to RM108.50.
Dutch Lady
, the top gainer on Bursa Malaysia surged RM2.06 to RM30.76. Malaysian Pacific Industries gained RM1.34 to RM34.24, F&N added RM1.22 to RM30.12 and Kuala Lumpur Kepong advanced 92 sen to RM21.42.
Among the decliners, Allianz fell 48 sen to RM19.54, SHH Resources eased 19 sen to RM1.26, Cape EMS declined 16 sen to 40.5 sen and Notion gave up 12 sen to RM1.63.
On the forex market, the ringgit was down 1.07% against the greenback to 4.4745.
Meanwhile, Reuters reported that Asian stock markets enjoyed a relief rally on Tuesday as fears of a U.S. recession eased somewhat, boosting risk sentiment globally.
Japan’s Nikkei 225 surged 10.23%, South Korea’s Kospi closed up 3.3%, Hong Kong’s Hang Seng Index fell 0.31%, China’s CSI300 Index declined 0.01% and Shanghai Composite Index closed up 0.23%.
