KUALA LUMPUR: Bursa Malaysia joined a rebound in global stock markets as traders were spurred to pick up bargains amid improved sentiment over the Middle East conflict.
The benchmark FBM KLCI rose 11.21 points or 0.66% to 1,709.43 at midday, paring losses to only 5.5 points since the start of the week.
As observers have noted, the Malaysian market has been relatively firm compared to its Asian peers. Prior to Thursday's rebound, South Korea's Kospi had suffered cascading losses of about 18% as at the midweek while Japan's Nikkei fell 8%.
The positive retracement on Bursa Malaysia extended beyond the blue chips, as 522 counters rose on Thursday, against 430 in the red. Trading volume was 1.45 billion shares valued at RM1.33bil.
On a sectoral basis, financial services and plantations were ahead in a mostly positive field. Energy stocks slipped back after rising alongside surging crude oil prices, while construciton and transport and logistics stocks also fell.
Among the leading gainers on the FBM KLIC, Press Metal
climbed 27 sen to RM7.67 and Maxis gained six sen to RM3.85.
In banks, Maybank added four sen to RM11.70, CIMB rose five sen to RM8 and Public Bank gained seven sen to RM4.91.
Meanwhile, the region's biggest loser from the hostilities in the Middle East, the Kospi, recouped 9.7% to 5,587. Japan's Nikkei recovered 2.35% to 55,520.
China's Shanghai Composite index gained 0.84% to 4,166 while the CSI 300 retraced 1.31% to 4,662. Hong Kong's Hang Seng added 1% to 25,502.
