Bursa Malaysia Rebounds On Renewed Buying Despite Mixed Wall Street

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Aug 30 (Bernama) -- Bursa Malaysia bounced back today in early Friday trade supported by renewed buying interest, despite the mixed performance on Wall Street overnight.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded 7.39 points or 0.44 per cent to 1,660.94 from a weaker Thursday's close of 1,653.55.

The index opened 4.93 points lower at 1,658.48.

The broader market was positive with gainers leading decliners 201 to 157, with 231 counters unchanged, 1,901 untraded and 80 others suspended.

Turnover stood at 128.62 million units valued at RM86.01 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI rose almost to the 1,650 mark yesterday as sellers emerged following a week of persistent stock accumulation.

“We see this intermittent correction as healthy, allowing the market to digest recent buying activities.

“For today, we expect the index to hover within the 1,650-1,660 range as earnings from corporate Malaysia seem decent so far, especially from the big caps which may prompt an upward revision in the overall earnings growth for 2024,” he told Bernama.

Among the heavyweights, Maybank gained four sen to RM10.72, CIMB added five sen to RM8.05, Tenaga jumped 24 sen to RM14.18 and IHH increased two sen to RM6.31. In contrast, Public Bank was flat at RM4.70.

As for the active counters, Luster Industries and Aimflex were flat at seven sen and 18.5 sen, respectively, while Velesto, Barakah and Notion were half-a-sen higher at 21.5 sen, 7.5 sen and 94 sen, respectively.

On the index board, the FBM Emas Index advanced 39.25 points to 12,339.45, the FBMT 100 Index garnered 40.17 points to 12,046.04, and the FBM Emas Shariah Index went up 38.41 points to 12,162.38.

The FBM 70 Index bagged 6.86 points to 17,196.73, while the FBM ACE Index decreased by 0.58 of-a-point to 5,080.50.

Sector-wise, the Plantation Index climbed 19.99 points to 7,307.03, while the Financial Services Index improved 49.85 points to 19,525.45. 

The Industrial Products and Services Index eased by 0.38 of-a-point to 180.08 and the Energy Index put on 6.32 points to 919.78.

-- BERNAMA