KUALA LUMPUR, April 17 — Bursa Malaysia snapped four consecutive days of losses to end higher today as bargain hunting emerged following the recent sell-off, said an analyst.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.42 points, or 0.35 per cent, to 1,540.42 from yesterday’s close of 1,535.0.

The benchmark index, which opened 0.05 of-a-point firmer at 1,535.05, moved between 1,532.95 and 1,541.88 throughout the trading session.

On the broader market, gainers trounced decliners 717 to 318, while 469 counters were unchanged, 848 untraded, and 11 others suspended.


Turnover slipped to 3.45 billion units worth RM2.67 billion from 4.93 billion units worth RM3.72 billion yesterday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said most key regional indices also rebounded following the recent sell-off, which saw Hong Kong’s Hang Seng Index inch up 0.02 per cent to 16,251.84, China’s SSE Composite Index improved 2.14 per cent to 3,071.38, and Singapore’s Straits Times Index rose 0.63 per cent to 3,164.42.

Nonetheless, gains are capped in certain markets on expectations the United States’ interest rates will stay high, he told Bernama.


“On the domestic front, we remain cautious as the short-term direction of the local market is significantly influenced by external factors, such as regional volatility, interest rates, and geopolitical tensions. However, we expect stock accumulation to persist on market dips,” he said.

Thong also anticipates the FBM KLCI to trend sideways with an upside bias within the range of 1,530-1,550 for the remainder of the week with immediate support at 1,530 and resistance at 1,570.

Meanwhile, Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said investors are adeptly navigating through a dual narrative, namely the necessity for additional policy support to facilitate China’s gradual recovery and the backdrop of a resilient US economy.

“Furthermore, concerns regarding the Middle East crisis appear to be easing as first-quarter corporate earnings reports continue to be released,” he said.

Among the heavyweights, Maybank added two sen to RM9.60, Public Bank and CIMB gained five sen to RM4.15 and RM6.53, respectively, Tenaga Nasional put on four sen to RM11.52, and Petronas Chemicals increased three sen to RM6.83.

As for the actives, Bina Puri Holdings and MY E.G. Services edged up half-a-sen to 8.5 sen and 77.5 sen, respectively, while Alpha IVF eased half-a-sen to 33 sen, Avillion shed 1.5 sen to 4.5 sen, and Ingenieur Gudang was flat at 14.5 sen. — Bernama