KUALA LUMPUR, Aug 1 — Bursa Malaysia bucked the regional trend to end higher today, thanks to buying support in the selected heavyweights, led by Tenaga and Press Metal despite weak global market sentiment.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.2 points to finish at 1,639.07 from yesterday’s close of 1,634.87, thus snapping its three-session losing streak.

Tenaga, which is enroute for internal restructuring, soared 22 sen to RM14.04 with 18.47 million shares changing hands, while Press Metal, which recently secured a long-term electricity supply contract from Sarawak Energy Bhd, chalked up 31 sen to RM4.86 with 16.58 million shares transacted.

Both stocks contributed a combine of 4.381 points to the rise in composite index.

On the broader market, there were 482 losers, 348 gainers, while 420 counters remained unchanged, 639 untraded and 28 others suspended.

Turnover rose to 2.45 billion units worth RM2.02 billion from yesterday’s close of 2.75 billion units valued at RM2.75 billion.

Rakuten Trade Sdn Bhd vice-president of research Vincent Lau said Bursa Malaysia was weaker in the early trade, but managed to reverse the trend after bargain-hunting emerged during midday as investors accumulated low value stocks following the recent sell-off.

"Sentiment in the local market was still weak, reflecting to the higher losers than gainers. Some bargain-hunting in selected blue-chips did help the market bucked regional trend,” he told Bernama.

Resistance level is now located at 1,660, while support level stands at 1,630, he projected.

Another dealer said most Asian stocks were dragged further into the red following the slip in US stocks, as investors were disappointed that the US Federal Reserve cut interest rates to cushion the American economy from the effects of the trade war with China, but refrained from suggesting further rate cuts were on the way.

Meanwhile, the US and China wrapped up their trade talks in Shanghai without any deal despite negotiators from both economic powerhouses indicated the talks as "constructive”.

Among heavyweights, Maybank rose four sen to RM8.69, IHH Healthcare gained two sen to RM5.76, while CIMB was flat at RM5.08.

Public Bank lost eight sen to RM21.82 and Petronas Chemicals shed two sen to RM7.47.

As for the actives, Netx and KNM were flat at 1.5 sen and 40.5 sen, respectively, Priceworth inched up half-a-sen to seven sen, ARB added three sen to 47 sen, while Sapura Energy slipped half-a-sen to 29.5 sen.

Newly-listed in the ACE Market, Tashin slid 9.5 sen to 48.5 sen against its initial public offering price of 58 sen with 53.15 million shares changing hands.

The FBM Emas Index improved 22.4 points to 11,612.07, the FBMT 100 Index advanced 22.43 points to 11,436.28, the FBM Emas Shariah Index increased 45.72 points to 12,048.66, the FBM 70 added 0.03 point to 14,494.38, and the FBM Ace gained 5.65 points at 4,773.44.

Sector-wise, the Financial Services Index gave up 11.63 points to 16,047.37, the Plantation Index trimmed 10.34 points to 6,722.94, but the Industrial Products and Services Index edged up 0.93 point to 155.25.

Main Market volume reduced slightly to 1.52 billion shares worth RM1.83 billion versus 1.76 billion shares valued at RM2.60 billion yesterday.

Warrants turnover increased to 462.54 million units worth RM104.86 million from 413.01 million units valued at RM73.83 million.

Volume on the ACE Market decreased to 471.70 million shares worth RM84.90 million compared with 570.24 million shares valued at RM71.04 million previously.

Consumer products and services accounted for 222.42 million shares traded on the Main Market, industrial products and services (286.51 million), construction (130.81 million), technology (106.67 million), SPAC (nil), financial services (41.94 million), property (68.40 million), plantations (9.88 million), REITs (21.21 million), closed/fund (81,500), energy (252.85 million), healthcare (26.28 million), telecommunications and media (269.25 million), transportation and logistics (43.67 million), and utilities (37.48 million). — Bernama