Bargain hunting lifts FBM KLCI after four-day losing streak

KUALA LUMPUR: Bargain hunters returned to the market, nudging the FBM KLCI higher and breaking its four-day slide.

The FBM KLCI rebounded 1.39 points, or 0.09%, to 1,614.17, snapping a four-day selling streak. The benchmark index traded between an intraday high of 1,620.73 and a low of 1,606.23.

There were 470 gainers, 578 losers and 583 counters traded unchanged on the Bursa Malaysia. Turnover stood at 3.17 billion shares valued at RM2.37bil.

Dealers said bargain hunting picked up after the market’s four-day pullback, with investors accumulating selected blue chips and oversold stocks.

However, the overall tone is expected to remain cautious as investors monitor key external cues ahead of the US Federal Reserve’s upcoming policy decision.

Among the gainers on Bursa Malaysia, F&N rose 44 sen to RM35.20, FCW Holdings added 20 sen to RM2, PETRONAS Gas gained 18 sen to RM17.20 and RHB Bank climbed 15 sen to RM7.40.

On the other hand, Dutch Lady tumbled RM1.50 to RM30, Nestle slid 80 sen to RM111.70, Malaysian Pacific Industries lost 22 sen to RM31.88 and Chin Tek declined 10 sen to RM10.90.

Orkim, which debuted on the Main Market of Bursa Malaysia today, closed one sen higher at 93 sen, up 1.09%, with 60.37 million shares traded.

Meanwhile, the ringgit was quoted flat at 4.1125 against the US dollar, but inched up 0.01% against the Singapore dollar to 3.1717.

The local currency slipped 0.05% against the euro to 4.7929 and weakened 0.35% against the pound sterling to 5.4968.

Around the region, MSCI’s broadest index of Asia-Pacific shares ex-Japan slipped 0.57%.

Elsewhere, Japan’s Nikkei 225 edged up 0.14%, while Hong Kong’s Hang Seng Index fell 1.29%. South Korea’s Kospi lost 0.27%, and China’s CSI300 Index declined 0.51%.