KUALA LUMPUR: Bursa Malaysia ended the first trading week of 2022 on a firm note, with gains recorded across the board thanks to continuous buying support for small capitalisation stocks and selected heavyweights, dealers said.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded from heavy selling yesterday to close 9.75 points higher at 1,543.11 today, just a tad lower than its intra-day high of 1,543.17.
The index opened 1.46 points better at 1,534.81 but fluctuated to as low as 1,531.54 amid mixed market sentiment.
The overall market breadth was bullish with gainers beating decliners 600 to 338, while 399 counters were unchanged, 936 untraded, and 21 others suspended.
Total turnover almost doubled at 4.14 billion units worth RM1.9 billion versus 2.87 billion units valued at RM1.9 billion yesterday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Malaysian equities rebounded due to bargain hunting on selected heavyweight stocks in glove, plantation, and banking.
Investors were also looking for value buys, especially on small-cap stocks, he said.
"The FBM KLCI remains well supported above the 1,530 level, hence we reckon the accumulation of stocks to persist on dips," he told Bernama.
Plantation stocks were the biggest contributor to the Composite Index, with Sime Darby Plantation jumping 3.96 per cent while IOI Corp advanced 3.47 per cent.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said while local equities were quite volatile today, the benchmark FBM KLCI appeared well supported in the afternoon session.
"New money perhaps. Some institutional investors would see some value in stocks, especially with the recent sell-off. It's just about finding the right entry point and now could be the right time," he said.
Among the heavyweights, Maybank gained two sen to RM8.32, Public Bank rose four sen to RM4.16, Petronas Chemicals garnered six sen to RM8.79, CIMB perked up three sen to RM5.46, while IHH Healthcare trimmed two sen to RM6.74.
Of the actives, MQ Technology earned four sen to 10.5 sen, SMTrack bagged 1.5 sen to 29.5 sen, DGB inched up half-a-sen to 3.5 sen, while AT Systematization and Key Alliance were flat at three sen and 1.5 sen, respectively.