KUALA LUMPUR, May 18 ― Bursa Malaysia rebounded to open higher today on bargain-hunting activities. 

At 9.05am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.50 points to 1,584.96 from yesterday’s close of 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 with 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 firmer Brent oil price, rising above US$69 (RM284.72) at this moment. Also, we expect overall broader market will be on a bargain-hunting tone after the bashed-down market yesterday,” it added.

Among heavyweights, IHH Healthcare rose four sen to RM5.36, Petronas Dagangan and TNB added two sen each to RM19.16 and RM9.93, respectively, while Top Glove increased five sen to RM5.34, Maybank was three sen higher at RM8.33, and Public Bank fell two sen to RM4.24. 

Of the actives, KTG and Key Asic improved one sen each to 21.5 sen and 17.5 sen, respectively, Niche Capital gained two sen to 28.5 sen, UCrest went up three sen to 40.5 sen, Poh Kong Holdings expanded 12 sen to RM1.16, while Tanco 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, 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. ― Bernama