Late recovery lifts Bursa Malaysia off its intraday low

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Bursa Malaysia's Key Index Recovers Slightly by Closing Time

The FTSE Bursa Malaysia KLCI (FBM KLCI) experienced a late recovery, closing at 1,381.26 points, a marginal decrease of 1.75 points from the previous day's close. Despite opening higher at 1,385.82, the index saw a significant dip to an intraday low of 1,376.78 during the mid-morning session. This late rebound occurred amidst a broader positive market sentiment, with advancers outnumbering decliners, and total turnover expanding to 3.60 billion units valued at RM1.94 billion.
Broader Market Shows Positive Momentum

The overall market breadth indicated a predominantly positive trading environment, with 568 advancers and 336 decliners. This suggests that while the main index faced pressure, a larger number of individual stocks saw gains. The total trading volume surged to 3.60 billion shares, with a value of RM1.94 billion, indicating increased investor activity compared to the previous day. Only the financial and property, alongside consumer products and services indices, ended the trading day in negative territory.
Regional Markets Influence Local Sentiment

Investor sentiment was partly buoyed by positive performances in regional equity markets, which followed a favourable cue from Wall Street overnight. Thong Pak Leng, equity research vice-president at Rakuten Trade Sdn Bhd, noted that China and Hong Kong markets rebounded from their six-month lows, driven by renewed optimism for economic recovery in China. This regional strength provided a supportive backdrop for domestic trading, even as certain Malaysian sectors faced headwinds.
Sectoral Performance Mixed Amidst Bargain Hunting

Bargain hunters emerged to support beaten-down counters following three consecutive days of losses for the FBM KLCI. While the Financial Services Index saw a notable decline of 99.34 points, other indices displayed varied movements. The FBM Emas Index improved by 3.94 points, and the FBM ACE Index recorded a significant jump of 120.51 points. The Energy Index also rose by 4.60 points, and the Plantation Index gained 17.77 points, indicating pockets of strength across different sectors.
Active Stocks Show Varied Trends

Among actively traded stocks, CelcomDigi saw a gain of 10 sen, closing at RM4.48, while Petronas Chemicals, MISC, and Inari Amertron each increased by six sen. Conversely, some banking counters experienced slight declines, with Public Bank and CIMB easing by five sen each. Maxis lost six sen to RM4.10, and Hong Leong Bank slid 32 sen to RM18.96. In the active counters, KNM added 1.5 sen, Dagang NeXchange garnered 6.5 sen, and MyEG perked up one sen, demonstrating diverse trading performances.

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Late recovery lifts Bursa Malaysia off its intraday low

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