KUALA LUMPUR, June 22 ― Bursa Malaysia rebounded from yesterday’s losses to open higher across the broad, as bargain hunting emerged on the back of improved market sentiment.

At 9.22am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.86 points to 1,574.1 from yesterday’s close of 1,572.24.

The index opened 0.68 of-a-point easier at 1,571.56.

Market breadth was positive with gainers leading losers 347 to 180, while 315 counters were unchanged, 1,361 untraded, and 12 others suspended.

Turnover stood at 707.93 million units worth RM274.2 million.

Malacca Securities Sdn Bhd said bargain hunting might lift the sentiment on the local bourse following the strong rebound overnight on Wall Street, coupled with the gradual subsiding in Covid-19 daily cases.

“We believe market participants should focus on recovery theme stocks given the vaccination rate is improving in Malaysia,” the stockbroking house said in a note today.

Meanwhile, the oil price climbed near the US$75 (RM310.80) a barrel level on the back of weaker US dollar, while the crude palm oil price continued its downtrend.

On sector focus, Malacca Securities said tracking the upward movement on Nasdaq, investors might continue to look out for local technology stocks.

Besides, the oil and gas sector might attract some buying interest on the back of firmer oil prices, it said.

Of the heavyweights, Maybank, Public Bank, and PChem added one sen each to RM8.19, RM4.19, and RM7.96 respectively, Tenaga perked up four sen to RM10.04, while IHH lost nine sen to RM5.67.

Digi earned eight sen to RM4.40 and Axiata gained two sen to RM4.00 following the transactions agreement inked yesterday between these two telecommunication giants for the merger exercise.

Among the actives, MMAG slipped half-a-sen to 17.5 sen, Greenyield bagged two sen to 33.5 sen, M3TECH added one sen to seven sen, while VSolar was flat at 1.5 sen.

On the index board, the FBM Emas Index increased 17.29 points to 11,490.05, the FBMT 100 Index advanced 15.13 points to 11,182.44, the FBM ACE earned 61.43 points to 7,620.04, the FBM Emas Shariah Index improved 17.89 points to 12,633.09, and the FBM 70 rose 27.61 points to 14,939.65.

Sector-wise, the Financial Services Index was 2.08 points higher at 15,248.08, the Industrial Products and Services Index added 0.86 of-a-point to 189.98, but the Plantation Index eased 9.45 points to 6,587.87. ― Bernama