THE FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded from yesterday’s loss to end higher today, with the key index advancing by 0.62% driven by bargain hunting activities, a dealer said.
However, on the broader market, losers surpassed gainers 454 to 332, while 421 counters were unchanged, 1,069 untraded and eight others suspended.
At 5pm, the FBM KLCI rose 8.74 points to its intraday high of 1,420.06 versus Wednesday’s close of 1,411.32.
The benchmark index which opened 2.49 points lower at its intraday low of 1,408.83, gained momentum in the mid-morning session and continued to rise until the final hour of trading day.
Total turnover advanced to 2.01 billion units valued at RM1.20 bil against 1.76 billion units valued at RM1.28 bil on Wednesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that the FBM KLCI remained in an oversold position after heavy sell-downs over the past seven weeks.
Despite the positive close today, he said investor sentiment remained jittery due to external factors such as increasing market risks and volatility on global markets.
“As such, we anticipate the benchmark index to trend sideways, slightly positive biased within the range of 1,415-1,430 towards the weekend,” he said.
Among the heavyweights, Maybank and CIMB rose 1 sen to RM8.62 and RM5.10 respectively, Public Bank gained 3 sen to RM4.40, Petronas Chemicals added 15 sen to RM8.03 and IHH Healthcare gained 2 sen to RM6.44.
Of the actives, Metronic increased 2 sen to 9 sen, TWL eased half-a-sen to 6 sen, Top Glove added 1 sen to RM1.02 and BSL Corporation ticked up 2.5 sen to 9.5 sen. – July 14, 2022
