Bursa stages rebound to close at intraday high on late bargain hunting
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said the FTSE Bursa Malaysia KLCI (FBM KLCI) closed the day on a firmer footing as the market sentiment was lifted following Prime Minister Anwar Ibrahim's announcement of a one-off RM100 cash handout, which drove renewed interest in consumer-related stocks.
'As a result, the consumer sector led gains among FBM KLCI constituents,' he told Bernama.
Sedek said regional markets also posted broad-based gains, supported by improved sentiment after the US agreed to impose a reduced 15% import duty on selected Japanese goods, which exclude strategic items such as steel and aluminium, which remain subject to elevated tariffs.
'This marked a de-escalation from the previously threatened 25% levy scheduled to take effect on Aug 1 in the absence of a bilateral agreement,' he added.
Similarly, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key index closed higher as major regional bourses staged a strong rebound after US president Donald Trump announced that he had completed a 'massive deal' with Japan.
'Back home, despite heightened external volatility, we believe Malaysian equities remain fundamentally resilient.
The benchmark index is attempting to reclaim the 1,530 level, and a breakout supported by strong volume could pave the way for a sustained upward trajectory.
'As such, we maintain our weekly FBM KLCI target at between 1,510-1,540,' he added.
Regionally, Hong Kong's Hang Seng advanced 1.13% to close at 25,413.48, Singapore's Straits Times Index improved 0.47% to 4,227.85, and South Korea's Kospi gained 0.44% to 3,183.77. Japan's Nikkei 225 rallied 3.51% to 41,171.32.
At 5pm, the FBM KLCI bounced 10.39 points, or 0.68%, to close at an intraday high of 1,529.79 from yesterday's close of 1,519.40.
The benchmark index opened 0.08 of a point higher at 1,519.48 and moved between 1,519.56 and 1,529.79 throughout the trading session.
Gainers led losers in the broader market 627 to 387, while 496 counters were unchanged and 969 untraded, with seven suspended.
Turnover jumped to 3.27 billion shares worth RM2.26 billion from 2.82 billion shares worth RM2.05 billion yesterday.
Of the heavyweight stocks, Maybank earned 6 sen to RM9.59, Tenaga Nasional was 16 sen better at RM13.94, and CIMB gained 12 sen to RM6.67. IHH Healthcare improved 2 sen to RM6.62, CelcomDigi added 4 sen to RM3.83, while Public Bank dropped 2 sen to RM4.29.
Among the most active stocks, NexG gained 1.5 sen to 52 sen, while Tanco and Ekovest both added 0.5 sen to to close at 91.5 sen and 39.5 sen, respectively. Zetrix was 2 sen better at 94.5 sen, and Green Packet increased 0.5 sen to 5 sen.
On the index board, the FBM Emas Index climbed 74.81 points to 11,494.54, the FBMT 100 Index rose 72.22 points to 11,254.16, and the FBM Emas Shariah Index advanced 69.13 points to 11,516.48.
The FBM 70 Index added 88.22 points to 16,644.09, while the FBM ACE Index gained 40.45 points to 4,665.05.
Sector-wise, the financial services index bounced 119.58 points to 17,430.25, the energy index edged up 3.01 points to 743.18, the industrial products and services index rose 1.39 points to 155.43, and the plantation index gained 15.29 points to 7,411.44.
The Main Market volume expanded to 1.44 billion units valued at RM1.89 billion from yesterday's 1.18 billion units valued at RM1.73 billion.
Warrants turnover increased to 1.52 billion units worth RM257.66 million from 1.31 billion units worth RM205.15 million previously.
The ACE Market volume slipped to 315.55 million units valued at RM97.33 million from 322.4 million units valued at RM109.22 million previously.
Consumer products and services counters accounted for 248.46 million shares traded on the Main Market; industrial products and services (234.92 million), construction (157.21 million), technology (229.14 million), SPAC (nil), financial services (64.41 million), property (210.56 million), plantation (16.56 million), REITs (22.51 million), closed-end fund (9,200), energy (59.21 million), healthcare (73.52 million), telecommunications and media (61.65 million), transportation and logistics (30.99 million), utilities (29.37 million), and business trusts (285,700).
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