BURSA MALAYSIA'S KEY INDEX REGAINS STRENGTH TO CLOSE FIRMER

By Anas Abu Hassan

KUALA LUMPUR, Nov 26 (Bernama) -- Bursa Malaysia's benchmark index rebounded to close higher today, supported by persistent buying in heavyweights and improved sentiment amid growing hopes for interest rate cuts in the United States.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.76 points, or 0.79 per cent, to 1,624.50 from Tuesday’s close of 1,611.74.

The barometer index, which opened 4.39 points higher at 1,616.13, slipped to a low of 1,614.41 during the morning session but regained its footing to hit a high of 1,624.97 in late trading.

However, the broader market was negative, with decliners outpacing gainers 608 to 517. A total of 563 counters were unchanged, 1,113 untraded and 82 suspended.

Turnover slid to 3.87 billion units worth RM2.98 billion from 4.39 billion units worth RM2.82 billion on Tuesday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said bargain-hunting activities emerged in the local bourse today, taking cue from key regional indices which also finished higher following positive lead from Wall Street overnight.

"Market sentiment improved as investors gained confidence that the US Federal Reserve could lower interest rates next month," he told Bernama.

On the domestic front, Thong noted that the longer-term structure of the benchmark index remains constructive, having formed a steady base since mid-year.

“If global sentiment improves, particularly regarding the technology sector and US macro expectations, Malaysia’s defensive earnings profile and reasonable valuations could attract greater foreign inflows,” he said.

"As for now, we anticipate the FBM KLCI to trend within the range of 1,610-1,640 for the remainder of the week, representing the support and resistance levels," he added.

Among heavyweights, Maybank was flat at RM9.98, Public Bank garnered eight sen to RM4.38, CIMB climbed 13 sen to RM7.60, Tenaga Nasional added two sen to RM13.12, and IHH rose three sen to RM8.07.

On the most active list, Aizo fell 1.5 sen to 5.5 sen, Tanco added one sen to RM1.09, D&O Green Tech tumbled 21.5 sen to 87.5 sen, while TWL and Malayan United Industries were unchanged at 2.5 sen and 5.5 sen respectively.

Of the top gainers, Hong Leong Industries jumped 64 sen to RM14.98, Allianz went up 46 sen to RM18.54, Telekom Malaysia climbed 27 sen to RM7.61, Chin Teck rose 24 sen to RM11, and Hong Leong Bank put on 22 sen to RM21.50.

Among the top losers, KL Kepong lost 44 sen to RM20.60, Malaysian Pacific Industries slipped 24 sen to RM32.80, Nestle and KESM dipped 20 sen each to RM109.80 and RM3.06 respectively, and Greatech sank 15 sen to RM1.64.

--BERNAMA