KLCI rises 4.34 points as bargain buying lifts early trade
Broader market breadth was negative, with 214 counters losing ground and 174 advancing. Turnover amounted to RM151.82 million.
Bargain buying helped Malaysian equities recover on Sept 30 following recent losses, even as Wall Street provided negative signals. The FTSE Bursa Malaysia KLCI (FBM KLCI) reached 1,648.30 at 9.10 am, gaining 0.26 per cent, or 4.34 points.
The benchmark started at 1,646.49, an opening advance of 2.53 points against the previous close of 1,643.96. Across the market, 293 counters recorded no price change, while 2,174 were untraded and 95 suspended. Trading involved 265.65 million shares with a value of RM151.82 million.
Heavyweight gains included a 10 sen increase for Tenaga Nasional, which reached RM12.82. Maybank moved to RM10.02 after a three sen rise, and Public Bank's two sen advance took it to RM4.74. CIMB dropped two sen, ending at RM7.76, while IHH Healthcare stayed at RM7.87.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said increasingly oversold conditions presented opportunities to buy selected blue chips with sound fundamentals. He said a rebound would likely have limited breadth unless foreign investors eased their selling and major banks attracted support again.
Thong forecast cautious trading in a 1,635-1,655 range, with buying interest near 1,640. He identified energy, renewable infrastructure and selected defensive counters as possible outperformers, while warning that high global yields continued to leave technology stocks vulnerable.
