Rakuten's Thong expects the local market outlook to remain stable, driven by the improving corporate earnings and strong fundamentals of the economy.
PETALING JAYA: Bursa Malaysia has snapped three consecutive days of losses to end at its intraday high yesterday, as bargain hunting activities emerged following the recent sell-off.
At 5pm, the FBM KLCI rose 6.48 points to 1,463.40 from the previous day’s closing of 1,456.92 points.
The barometer index opened 1.21 points higher at 1,458.13 and slid to a low of 1,456.16 in the morning session before climbing to 1,463.40 in the final trading hour on late buying.
The market breadth was positive, with gainers leading decliners 500 to 411, while 472 counters were unchanged, 991 untraded and nine others suspended.
Turnover widened to 3.66 billion units valued at RM2.11bil from 3.23 billion units valued at RM1.70bil on Monday.
Rakuten Trade equity research vice-president Thong Pak Leng expects the local market outlook to remain stable, driven by the improving corporate earnings and strong fundamentals of the economy.
“For the local bourse, we advise investors to stay cautious ahead of the release of the US Federal Open Market Committee minutes (to be released later),” he told Bernama.
Thong further noted that the FBM KLCI is expected to trend within the 1,450 to 1,470 range for the rest of the week.
Among the heavyweight counters, Malayan Banking Bhd
was unchanged at RM9.11, Public Bank Bhd rose six sen to RM4.27, CIMB Group Holdings Bhd added two sen to RM5.79, Tenaga Nasional Bhd gained five sen to RM10.02 and Petronas Chemicals Group Bhd climbed 18 sen to RM7.38.
Of the actives, Hong Seng Consolidated Bhd, Widad Group Bhd and Dagang Nexchange Bhd were all unchanged at three sen, 46 sen and 43 sen, respectively,
My EGServices Bhd inched up one sen to 81.5 sen, while Leform Bhd lost 2.5 sen to 26.5 sen.
