KUALA LUMPUR (May 18): Bursa Malaysia rebounded to open higher today on bargain-hunting activities.  

At 9.05am, the benchmark FBM KLCI had gained 1.50 points to 1,584.96 from yesterday’s close at 1,583.46.

The index opened 0.21 of a point weaker at 1,583.25.

On the broader market, gainers outpaced losers 214 to 151, while 296 counters were unchanged, 1,542 untraded and five others suspended.

Total volume stood at 265.64 million worth RM110.33 million.

Malacca Securities said while investors may be on bargain hunting following yesterday’s selldown, market’s concern over the possibility of a full lockdown in Selangor to curb further Covid-19 infections may weigh on the local bourse.

“Meanwhile, we expect commodities prices, such as iron ore, crude palm oil and oil prices, to stay on an upbeat note over the near term,” it said in a research note.

The brokerage expects traders to expose themselves to healthcare-related counters, given the rise in Covid-19 cases in several countries. 

“Meanwhile, energy stocks may be on traders’ radar on the back of a firmer Brent oil price, rising above US$69 (about RM284.73) at this moment. Also, we expect overall broader market to be on a bargain-hunting tone after the bashed-down market yesterday,” it added.

Among the heavyweights, IHH Healthcare Bhd rose four sen to RM5.36, Petronas Dagangan Bhd (PetDag) and Tenaga Nasional Bhd (TNB) added two sen each to RM19.16 and RM9.93 respectively, Top Glove Corp Bhd increased five sen to RM5.34 and Malayan Banking Bhd (Maybank) was three sen higher at RM8.33, but Public Bank Bhd fell two sen to RM4.24.  

Among the actives, KTG Bhd and Key Asic Bhd improved one sen each to 21.5 sen and 17.5 sen respectively, Niche Capital Emas Holdings Bhd gained two sen to 28.5 sen, UCrest Bhd went up three sen to 40.5 sen and Poh Kong Holdings Bhd expanded 12 sen to RM1.16, while Tanco Holdings Bhd gave up half a sen to 14.5 sen. 

On the index board, the FBM Emas Index recovered 14.30 points to 11,525.52 and the FBMT 100 Index improved 9.73 points to 11,215.01.

However, the FBM Emas Shariah Index increased 22.0 points to 12,819.98, the FBM ACE expanded 69.59 points to 7,711.77, and the FBM 70 went up 9.51 points to 14,809.66.

Sector-wise, the Plantation Index fell 0.79 of a point to 6,945.96, and the Industrial Products and Services Index added 0.43 of a point to 193.08, while the Financial Services Index rose 1.42 points to 14,981.22.