Bursa rebounds in early trade on bargain hunting

Bursa rebounds in early trade on bargain hunting
-A +A

KUALA LUMPUR (Aug 2): Bursa Malaysia rebounded from last week’s downtrend to open higher this morning as bargain hunting emerged on the back of improved market sentiment.

At 9.06am, the benchmark FBM KLCI had added 2.54 points to 1,497.14 from last Friday’s close at 1,494.6.

The index opened 2.79 points higher at 1,497.39.

On the broader market, gainers outnumbered losers 217 versus 181, while 273 counters were unchanged, 1,501 untraded and 11 others suspended.

Turnover stood at 236.56 million units worth RM108.34 million.

A dealer said sentiment in the market was lifted up by easing concerns over a regulatory crackdown in China that caused Asian equities to tumble to a seven-month low last week.

Of the heavyweights, Malayan Banking Bhd (Maybank) gained two sen to RM8.03, Public Bank Bhd and CIMB Group Holdings Bhd added one sen each to RM3.99 and RM4.46 respectively, while Tenaga Nasional Bhd (TNB) was flat at RM9.64.

Petronas Chemicals Group Bhd (PetChem) eased three sen to RM8.01 and IHH Healthcare Bhd lost six sen to RM5.58.

 Among the actives, M3 Technologies (Asia) Bhd slipped 1.5 sen to five sen, MAG Holdings Bhd was flat at 19 sen, Datasonic Group Bhd bagged 2.5 sen to 48.5 sen and Resintech Bhd increased 15.5 sen to 75 sen.

On the index board, the FBM Emas Index advanced 32.13 points to 11,005.6, the FBMT 100 Index improved 28.8 points to 10,710.05, the FBM 70 soared 80.67 points to 14,598.96 and the FBM Emas Shariah Index went up 37 points to 12,086.08, while the FBM ACE eased 6.43 points to 7,134.16.

Sector-wise, the Financial Services Index was 37.06 points higher at 14,718.52, while the Plantation Index eased 6.64 points to 6,032.4, and the Industrial Products and Services Index slid 0.09 of a point to 187.11.

Meanwhile, trading of shares in Pecca Group Bhd was halted from 9am today, pending the release of a material announcement.