KUALA LUMPUR (May 6): The FBM KLCI retraced some of its earlier losses in the past four trading days today to finish at its intra-day high today, lifted by bargain-hunting among certain index-linked stocks.

At 5pm, the benchmark index closed 2.66 points or 0.17% higher to settle at 1,578.33 after hovering in the negative territory for most of the day. It lost 32.38 points or 2.01% between last Wednesday — when it closed at 1,608.05 — and yesterday, when it closed at 1,575.67 after four consecutive sessions in the red.  

The key index opened 3.58 points lower at 1,572.09 this morning and sank to a low of 1,556 before recouping its losses in the afternoon session.

Among the heavyweights that drove the FBM KLCI up today were IHH Healthcare Bhd, Axiata Group Bhd, Press Metal Aluminium Holdings Bhd, Kuala Lumpur Kepong Bhd (KLK), Nestle (M) Bhd, PPB Group Bhd and Hong Leong Financial Group Bhd.

KLK, Nestle, HLFG, PPB Group and Press Metal were also among the local stock exchange's top gainers today.

The KLCI's climb, however, was partially weighed down by index-linked glove makers, which were among the day's top losers as they succumbed to persistent selling pressure.  

Supermax Corp Bhd topped the decliners' list after losing 12.57% or 70 sen to settle at RM4.87. Yesterday, the glove maker said glove prices have dropped by between 15% and 25% as more new capacities enter the market.

Peers Hartalega Holdings Bhd and Top Glove Corp Bhd both also retreated. Hartalega lost 58 sen or 5.9% to close at RM9.25 while Top Glove fell 26 sen or 4.89% to RM5.06.  

Bursa’s Healthcare Index, which tracks shares of companies including rubber glove makers, dropped 3.7% to become the top percentage decliner among the bourse gauges.

Rakuten Trade Sdn Bhd head of research Kenny Yee said last minute buying of heavyweights today provided the much-needed impetus to help the index pare its morning losses and close higher.

“However, today’s uptrend would not be sustainable," he said, adding that "the overall sentiment remained weak on the local bourse after considering that the market has fallen past the 1,600 level and remained below it in the past few trading sessions,” he added.

Today, market breadth was negative, with losers surpassing gainers at 771 versus 368, while 401 counters were unchanged. A total of 6.2 billion shares worth RM4.46 billion were traded.

Among the most actively traded stocks were Focus Dynamics Group Bhd, Malaysian Bulk Carrier Bhd, Dataprep Holdings Bhd, Tanco Holdings Bhd and Cahya Mata Sarawak Bhd.

Reuters reported that Asian shares rose on Thursday and commodity prices held near multi-year highs as investors switched to cyclicals amid hopes of a strong economic recovery.

Singapore's STI closed up 0.62%, Hong Kong's Hang Seng Index rose 0.77% and Japan's Nikkei 225 jumped 1.8% as it reopened after a five-day holiday,

But Chinese shares, also resuming trade for the first time since last week, wobbled. The Shanghai Stock Exchange Composite Index dropped 1.33%.