KUALA LUMPUR, June 5 — Bursa Malaysia ended on a firmer note today, outperforming a broadly weaker regional market, as local sentiment was supported by bargain hunting in oversold blue-chip stocks following the benchmark index’s recent slide.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said Bursa Malaysia’s rebound from yesterday’s losses came despite a cautious regional backdrop, with most Asian markets mirroring Wall Street’s overnight decline, amid concerns that persistent inflation could limit the scope for near-term US Federal Reserve rate cuts.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.52 points, or 0.62 per cent, 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.

Turnover trimmed to 3.47 billion units valued at RM3.58 billion compared with 3.85 billion units valued at RM4.69 billion on Wednesday.

Regionally, Hong Kong’s Hang Seng Index fell by 1.48 per cent to 25,253.40, Singapore’s Straits Times Index went down 1.38 per cent to 5,067.53, Japan’s Nikkei 225 dipped 1.36 per cent to 67,470.69, and South Korea’s KOSPI Composite Index tumbled 1.84 per cent to 8,639.41.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said hopes for progress in US-Iran negotiations faded after reports emerged that Tehran had suspended indirect discussions with Washington.

“Back home, sentiment remains fragile as foreign investors continue to trim their positions while global uncertainties linger.

“While bargain hunting may continue to provide some support to the market, investors are likely to remain selective amid concerns over geopolitical developments, the global interest rate outlook, and the direction of foreign fund flows,” he told Bernama.

Among heavyweights, Maybank jumped 18 sen to RM10.60, Public Bank increased four sen to RM4.78, Tenaga Nasional gained two sen to RM14.10, CIMB firmed 15 sen to RM7.35, and IHH added three sen to RM8.79.

Of the active stocks, Pharmaniaga bagged 3.5 sen to 29 sen, SKP Resources perked up 2.5 sen to 37.5 sen, while VS Industry and Velesto were half a sen lower at 21.5 sen and 30 sen, respectively, and Zetrix was flat at 82.5 sen.

As for the top gainers, Nestle rose RM1.60 to RM95.12, United Plantations put on RM1.18 to RM31.30, KL Kepong advanced 70 sen to RM20.20, Batu Kawan climbed 56 sen to RM20.16, and SD Guthrie garnered 20 sen to RM6.04.

Among the top losers, Malaysian Pacific Industries dropped RM1.46 to RM47.44, Fraser & Neave fell 78 sen to RM26.88, Press Metal slid 28 sen to RM9.00, while UWC and Pentamaster lost 26 sen each to RM5.61 and RM4.25, respectively. — Bernama