KUALA LUMPUR: Bursa Malaysia rebounded from three consecutive days of declines to close at its highest point of the day today, spurred by bargain hunting activities amid the recent market sell-off.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.48 points to 1,463.40 from yesterday's closing of 1,456.92.
The key index started the day 1.21 points higher at 1,458.13, dipped to a morning session low of 1,456.16, and then rose to 1,463.40 during the last trading hour due to late buying activity.
On the broader market, gainers led decliners 500 to 411, while 472 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI ended marginally higher as bargain hunting activities emerged following the recent sell-off.
He advised investors to stay cautious ahead of the release of the minutes from the US Federal Reserve.
"Nonetheless, we believe the outlook of the local market to remain stable driven by the improving corporate earnings and strong fundamentals of the economy.
"Hence, we anticipate the FBM KLCI to trend within the range of 1,450 to 1,470 for the rest of the week," he told Business Times.
Thong said key regional indices also trended positive following positive cue from Wall Street overnight.
He said the dollar stayed near its lowest level in two-and-a-half months, suggesting the prevailing belief that the US Fed has completed its interest rate hikes.
"Additionally, oil prices softened due to concerns about a slowing global economy outweighing the likelihood of OPEC and its allies, including Russia, implementing more significant supply cuts," he noted.