Bursa Malaysia snaps 3-day losing streak on bargain hunting

KUALA LUMPUR: Bursa Malaysia snapped three consecutive days of losses to end higher today on bargain-hunting in tandem with the upbeat performance of regional markets as investors raised bets on the US Federal Reserve (Fed) interest rate cut in September.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.68 points or 0.72 per cent to 1,624.56 from Friday’s close of 1,612.88.

The FBM KLCI opened 4.28 points higher at 1,617.16 and moved between 1,616.35 and 1,625.55 throughout the day.

On the broader market, gainers thumped losers 626 to 455, with 531 counters unchanged, 899 untraded, and 77 others suspended.

Turnover increased to 4.23 billion units worth RM2.89 billion from Friday’s 3.83 billion units worth RM2.70 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional markets saw positive trends as investors anticipate the US Fed will signal a potential rate cut in September during its policy meeting on Wednesday.

“At the same time, the upcoming meeting of China’s political leaders may introduce additional stimulus measures following last week’s unexpected rate cut.

“In Japan, the Bank of Japan is set to meet on Wednesday, with markets suggesting a 70 per cent likelihood of a rate hike by 10 basis points (bps) to 0.2 per cent, and a potential for a 15-bps move,” he told BK.

Back home, Thong is positive about the improving market sentiment and expects buying momentum on local equities to continue, spurred by a renewed sense of optimism.

“Therefore, we anticipate the FBM KLCI to trend within the 1,610-1,630 range for the week,” he added.

Among the heavyweights, Maybank added 6.0 sen to RM10.20, Public Bank edged up 3.0 sen to RM4.24, Tenaga Nasional perked up 8.0 sen to RM14.10, CIMB Group went up 7.0 sen to RM7.24, and IHH Healthcare inched up 1.0 sen to RM6.27.

Of the actives, Velocity Capital Partner increased 2.0 sen to 8.0 sen, Malayan United Industries was 1.0 sen better at 10.5 sen, however, Ekovest shed 2.0 sen to 44.5 sen, OCR Group and Velesto Energy slid 1.0 sen to 8.5 sen and 22.5 sen, respectively.

On the index board, the FBM Emas Index leapt 82.82 points to 12,546.55, the FBMT 100 Index advanced 83.98 points to 12,134.54, the FBM Emas Shariah Index jumped 86.03 points to 12,827.18, and the FBM 70 Index surged 117.12 points to 18,647.27.

Meanwhile, the FBM ACE Index decreased by 15.09 points to 5,779.0.

Sector-wise, the Financial Services Index soared 115.95 points to 18,087.87, the Plantation Index climbed 32.24 points to 7,176.43, the Industrial Products and Services Index went up 1.01 points to 192.86, and the Energy Index gave up 0.23 of-a-point to 965.90.

The Main Market volume expanded to 2.41 billion units valued at RM2.52 billion from 2.02 billion units valued at RM2.27 billion last Friday.

Warrants turnover edged up to 1.06 billion units worth RM143.70 million from 1.0 billion units worth RM107.31 million previously.

The ACE Market volume declined to 754.36 million shares valued at RM222.85 million from 803.68 million shares valued at RM324.97 million last Friday.

Consumer products and services counters accounted for 391.44 million shares traded on the Main Market, industrial products and services (528.06 million), construction (391.31 million), technology (240.90 million), SPAC (nil), financial services (71.93 million), property (238.74 million), plantation (27.12 million), REITs (18.43 million), closed/fund (22,900), energy (219.69 million), healthcare (90.80 million), telecommunications and media (28.92 million), transportation and logistics (113.24 million), utilities (49.90 million), and business trusts (856,100). – BK