Bursa Malaysia Rebounds To Close Higher On Bargain Hunting In Blue Chips

By Siti Noor Afera Abu

KUALA LUMPUR, May 12 (Bernama) -- Bursa Malaysia rebounded to close higher on Tuesday amid selective bargain-hunting in blue-chip stocks after closing lower in the last two trading sessions, analysts said.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) strengthened by 5.25 points or 0.30 per cent to 1,750.56 from Monday’s close of 1,745.31.

The benchmark index, which opened 3.14 points firmer at 1,748.45, moved between 1,748.45 and 1,755.54 during today’s session.

Market breadth was positive, with gainers slightly ahead of losers, 590 to 583. A total of 595 counters were unchanged, 897 untraded, and 11 suspended.

Turnover increased to 4.92 billion units worth RM3.59 billion compared with 4.20 billion units worth RM3.17 billion on Monday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the market remains cautious amid current elevated crude oil prices, which could continue to weigh on overall investor sentiment and raise concerns regarding inflationary pressures.

He said while selective buying support is still visible in defensive and index-linked counters, broader market participation remains relatively subdued as investors adopt a wait-and-see approach amid ongoing geopolitical uncertainties.

“Nonetheless, the FBM KLCI’s ability to rebound after recent weakness suggests that underlying support remains intact, supported by bargain hunting and steady domestic liquidity.

“Looking ahead, we expect the benchmark index to trade in a cautious and range-bound manner, with intermittent volatility likely as investors continue to monitor geopolitical developments and movements in oil prices closely, he told Bernama.

For the remainder of the week, Thong anticipates the FBM KLCI to trend within the 1,720-1,760 range.

Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the stronger performance in cyclical sectors also suggests that investors are gradually repositioning towards growth-sensitive segments amid stabilising market conditions.

“Nevertheless, overall trading sentiment remained selective as investors continue to monitor external developments, particularly US inflation trends and geopolitical dynamics, which could influence the near-term direction of regional markets,” he added.

Among heavyweights, Maybank and Tenaga Nasional added six sen to RM11.24 and RM14.78, while IHH Healthcare rose nine sen to RM9.03. Public Bank lost one sen to RM4.84, and CIMB fell three sen to RM7.90.

On the most active list, Genetec added 11 sen to 36 sen, Oppstar increased 12.5 sen to 80.5 sen, and VS Industry was flat at 21 sen. Meanwhile, Zetrix AI slipped three sen to 82.5 sen and SMRT down half a sen to 27.5 sen.

Among the top gainers, Malaysian Pacific added RM1.26 to RM42.26, UMS Integration increased 88 sen to RM8.0, Hong Leong Industries gained 40 sen to RM19.30, while Kelington rose 33 sen to RM6.53. 

The top losers included Nestle, which declined RM1.46 to RM99.74, Batu Kawan decreased 32 sen to RM21.08, Petronas Dagangan inched down 26 sen to RM20.32, Hong Leong Bank shed 24 sen to RM22.10, while United Plantations was 22 sen weaker at RM30.30.

On the index board, the FBM Emas Index edged up 22.77 points to 12,954.37, the FBMT 100 Index garnered 23.72 points to 12,794.68, the FBM Emas Shariah Index gained 30.16 points to 12,874.30, the FBM ACE Index rose by 52.48 points to 4,728.28, while the FBM Mid 70 Index decreased 28.39 points to 18,533.07. 

By sector, the Financial Services Index dropped 4.87 points to 20,301.30, and the Plantation Index eased 40.02 points to 8,798.06. The Industrial Products and Services Index rose 2.91 points to 198.67, and the Energy Index was slightly higher by 0.64 points to 807.82. 

The Main Market volume expanded to 2.79 billion units valued at RM3.03 billion from 2.45 billion units valued at RM2.80 billion on Monday.   

Warrants turnover was slightly higher at 1.07 billion units worth RM148.0 million from 1.05 billion units worth RM144.27 million previously.  

The ACE Market volume surged to 1.05 billion units valued at RM412.60 million from 690.15 million units valued at RM227.39 million.

Consumer products and services counters accounted for 265.55 million shares traded on the Main Market, industrial products and services (632.68 million), construction (166.17 million), technology (956.18 million), financial services (59.59 million), property (235.83 million), plantation (24.78 million), real estate investment trusts (20.43 million), closed-end fund (47,000), energy (93.99 million), healthcare (210.77 million), telecommunications and media (26.81 million), transportation and logistics (55.40 million), utilities (44.61 million), and business trusts (380,700).

-- BERNAMA