Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the regional indices ended mostly higher with strong buying in China and Hong Kong stocks as China’s central bank pledged to cut interest.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said that among FBM KLCI components, utilities stocks led gainers, while financial counters saw the most notable declines.
However, the drop in financial stocks was not substantial, as it was primarily due to dividend payouts on specific stocks.
“Bargain hunting, which emerged yesterday, extended into today’s session following heavy selling pressure earlier in the week.
“Investors focused on fundamentally strong stocks that had entered oversold territory, making them the main attraction in today’s trading,” he added.
At 5pm, the FBM KLCI rose 2.12 points or 0.14% to 1,512.15 from yesterday’s close of 1,510.03.
The market bellwether opened 10.08 points lower at 1,499.95 and moved between 1,493.29 and 1,516.25 throughout the day.
On the broader market, gainers outpaced losers 680 to 292, while 437 counters were unchanged, 1,009 untraded, and 13 suspended.
Turnover was marginally lower at 3.24 billion units worth RM2.5 billion from 3.25 billion units worth RM2.90 billion yesterday.
Heavyweights Maybank added 2 sen to RM10.32, YTL Power gained 13 sen to RM3.12, YTL Corporation rose 11 sen to RM1.93 and 99 Speed Mart increased 4 sen to RM2.05, but Mr DIY fell 1 sen to RM1.34.
As for the actives, NationGate appreciated 5 sen to RM1.36, while KNM and Velesto went up 0.5 sen each to 4.5 sen and 16 sen, respectively.
Saudigold shed 0.5 sen to 1 sen while NEXG was flat at 25.5 sen.
On the index board, the FBM Emas Index increased 49.59 points to 11,300.14, the FBMT 100 Index widened 38.82 points to 11,069.83, the FBM Emas Shariah Index leaped 83.80 points to 10,989.58, the FBM ACE Index climbed 147.14 points to 4,677.68, and the FBM 70 Index soared 149.34 points to 16,138.47.
Sector-wise, the financial services index weakened 49.36 points to 18,522.82, the industrial products and services index advanced 1.40 points to 153.73, the energy index garnered 13.16 points to 718.73, and the plantation index gained 38.10 points to 7,369.75.
The Main Market volume narrowed to 1.49 billion units worth RM2.2 billion from 1.93 billion units worth RM2.65 billion yesterday.
Warrants turnover edged up to 1.34 billion units worth RM140.15 million against 803.42 million units worth RM86.46 million previously.
The ACE Market volume reduced to 409.05 million units valued at RM153.12 million versus 513.55 million units valued at RM165.07 million yesterday.
Consumer products and services counters accounted for 205.96 million shares traded on the Main Market, industrial products and services (286.04 million), construction (109.46 million), technology (223.93 million), SPAC (nil), financial services (100.28 million), property (121.98 million), plantation (20.55 million), REITs (19.91 million), closed/fund (21,000), energy (224.30 million), healthcare (68.04 million), telecommunications and media (36.23 million), transportation and logistics (24.84 million), utilities (51.99 million), and business trusts (76,800).