KUALA LUMPUR: Bursa Malaysia’s benchmark index edged higher at the close yesterday as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, says an analyst.
At 5pm, the FBM KLCI gained 3.83 points, or 0.24%, to 1,599.58 from Monday’s close of 1,595.75. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended.
Turnover rose to 2.86 billion units worth RM2.42bil against Monday’s 2.49 billion units worth RM2.38bil.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said caution remains as persistent foreign selling and heightened regional volatility continue to weigh on sentiment.
He added that Malaysia’s economic fundamentals remain resilient, underpinned by a 5.3% economic growth in the third quarter of this year. — Bernama
