KUALA LUMPUR: Bursa Malaysia ended firmer today, outperforming weaker regional markets as bargain hunting in oversold blue-chip stocks lifted sentiment following the benchmark index’s recent decline.
IPPFA Sdn Bhd director of investment strategy and country economist Sedek Jantan said Bursa’s rebound from yesterday’s losses came despite a cautious regional backdrop.
Most Asian markets tracked Wall Street’s overnight decline amid concerns that persistent inflation could limit the scope for near-term US Federal Reserve rate cuts.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.52 points, or 0.62%, to 1,683.26 from Wednesday’s close of 1,672.74.
The index, which opened 1.75 points higher at 1,674.49, moved between 1,673.70 and 1,689.83 throughout the day.
Despite gains in the key index, market breadth remained negative, with losers outnumbering gainers 678 to 525, while 531 counters were unchanged, 924 untraded, and 12 suspended.
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