Bursa Malaysia rebounds on bargain hunting 

BURSA Malaysia was slightly higher in the early trade today as bargain hunting emerged following yesterday’s selloffs, a dealer said.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by two points to 1,478.38 from Tuesday’s close of 1,476.38.

The key index opened at 1,476.39.

Market breadth was positive with gainers surpassing losers 274 to 137, while 276 counters were unchanged, 1,487 untraded and nine others suspended.

Turnover amounted to 409.28 million units worth RM167.57 million.

In a research note, Malacca Securities Sdn Bhd expected the bargain-hunting activities to emerge today, in view of the upbeat Wall Street performance overnight after the United States Federal Reserve (Fed) chair Jerome Powell said inflation could be subsiding. 

“We may see bargain-hunting activities emerging after the sharp fall yesterday, especially within the technology sector, in line with the rebound on Wall Street. 

“Meanwhile, the real estate investment trust (REIT) and utility sectors may do well under the recovery theme,” it said. 

On commodities, the brokerage noted that Brent crude oil price has surged above the US$83 per barrel level on the back of recovering demand from China’s reopening activities, while the crude palm oil rebounded above RM3,900 per tonne as sentiments turned more positive, it said.

Hence, it anticipated the oil and gas sector to be attractive to investors amidst the elevated crude oil price, adding that it expects the upcoming reporting season and the re-tabling of the Budget 2023 to be on traders’ radars.

Meanwhile, Bursa heavyweights Maybank, Public Bank and TNB gained one sen each to RM8.64, RM4.17 and RM9.40, respectively, while Petronas Chemicals edged up three sen to RM8.18 and CIMB fell three sen to RM5.55. 

As for the actives, MY E.G. Services improved three sen to 73 sen, Ta Win inched up half-a-sen to 8.5 sen and Leform increased one sen to 24.5 sen, while Aemulus Holdings lost six sen to 39.5 sen and Iris Corporation was flat at 16.5 sen. 

On the index board, the FBM Emas Index was up by 22.71 points to 10,796.81, the FBMT 100 Index ticked up 19.23 points to 10,457.19, the FBM Emas Shariah Index went up 30.01 points to 11,127.51, the FBM 70 Index perked 47.09 points to 13,743.54 and the FBM ACE Index improved 32.58 points to 5,869.19.  

Sector-wise, the Industrial Products and Services Index increased by 0.49 of-a-point to 190.72, the Energy Index bagged 15.20 points to 913.70, the Financial Services Index earned 18.53 points to 16,153.86, and the Plantation Index garnered 4.42 points to 6,930.37.  — Bernama