KUALA LUMPUR, Feb 12 (Bernama) -- Bursa Malaysia reopened firmer as bargain hunting emerged, allowing the main index to return to above the 1,590 territory on Wednesday.
At 9.06 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 6.10 points to 1,596.05 compared with last Monday’s close of 1,589.95.
The benchmark index opened 2.37 points higher at 1,592.32.
The broader market was positive, with gainers outpacing decliners 224 to 119, while 300 counters were unchanged, 1,675 untraded and 10 suspended.
Turnover totalled 195.84 million units worth RM128.46 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the FBM KLCI index to trend within the 1,585-1,595 range today, with the focus remaining on the blue chips.
He noted that Wall Street’s lead was mixed as traders were concerned about US Federal Reserve (Fed) chair Jerome Powell’s statement that the escalation of the global trade war may derail any hopes for potential rate cuts.
In Hong Kong, the Hang Seng Index declined from its four-month high due to fears over the latest blanket 25 per cent tariffs imposed on steel and aluminium imports by US President Donald Trump commencing today, on top of the possible delay or no rate cut by the Fed.
Malacca Securities Sdn Bhd said traders will also monitor key inflation data, including US core consumer price and produce price indexes along with retail sales, for clues on whether the Fed may adjust its stance in the environment of elevated inflation.
It said that despite Trump’s 25 per cent tariff on steel and aluminium imports, the bourse may see a trading opportunity with local steel players as the policy is expected to primarily impact export players.
“Bargain-hunting may also persist in the construction sector, supported by Johor-Singapore Special Economic Zone developments, while earnings from data centre supply chain stocks are likely to materialise in the upcoming reporting season.
“For a conservative play, we favour consumer, banking, and real estate investment trusts, which should outperform amid current market uncertainties, supported by stable yield and a continued recovery in the mall footfall traffic,” it said.
Meanwhile, banking heavyweights lead gainers, with Maybank and RHB Bank adding eight sen to RM10.54 and RM6.56, respectively, while Public Bank rose by two sen to RM4.47.
Gamuda rose by 12 sen to RM4.60, and YTL Power was four sen higher at RM3.46.
Among the active counters, Ingenieur Gudang, Silver Ridge and Borneo Oil were flat at 5.5 sen, 54.5 sen and 1.0 sen, respectively.
Harvest Miracle gained half-a-sen to 16.5 sen, and MyEG was two sen better at RM1.03.
On the index board, the FBM Emas Index grew 55.14 points to 12,179.15, the FBMT 100 Index appreciated 58.68 points to 11,875.79, and the FBM Emas Shariah Index firmer 57.45 points to 11,991.51.
The FBM 70 Index soared 141.34 points to 18,077.87 and the FBM ACE Index fell 9.7 points to 5,221.10.
Sector-wise, the Financial Services Index jumped 74.44 points to 19,333.55, the Energy Index advanced 4.46 points to 829.83, the Industrial Products and Services Index rose 0.34 of-a-point to 166.45, and the Plantation Index ticked up 47.65 points to 7,448.39.
Bursa Malaysia was closed yesterday due to the Thaipusam public holiday.
-- BERNAMA
