Bursa Closes Higher on Selective Buying

KUALA LUMPUR, — Bursa Malaysia ended higher today as selective buying in heavyweight counters provided late support despite cautious regional sentiment ahead of upcoming US economic data.

Market Performance

At the closing bell, the FBM KLCI rose 4.28 points to 1,626.90, compared with 1,622.62 at Tuesday’s close.
The broader market saw 419 gainers, 394 losers, and 502 counters unchanged, with total turnover recorded at 3.25 billion shares valued at RM2.1 billion.

Drivers of Gains

Dealers noted that bargain-hunting in selected blue-chip stocks, particularly in the banking and telecommunications sectors, lifted the benchmark index.

“Investors are staying cautious due to external headwinds, but selective interest in fundamentally strong counters is keeping the local bourse afloat,” said a senior equity trader.

Financial counters such as Maybank, Public Bank, and CIMB saw moderate gains, while telecommunications players Digi and Maxis also provided upside momentum.

Regional & Global Context

Regionally, key Asian markets were mixed as traders awaited the release of the US inflation report, which could influence the Federal Reserve’s policy stance.
The ringgit traded slightly firmer against the US dollar, providing additional support for export-oriented counters.

Outlook

Market analysts expect trading to remain range-bound in the near term, with selective accumulation in defensive stocks likely to continue.

“Volatility will persist ahead of US inflation and jobs data. However, Malaysia’s steady corporate earnings outlook offers resilience against external shocks,” said Dr. Elaine Wong, IFCCI Chief Market Strategist.