KUALA LUMPUR, Dec 18 — Bursa Malaysia rebounded and closed higher due to buying support in selected heavyweights amid mixed performances from Asian markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.14 per cent or 2.25 points to 1,599.58 from Tuesday’s close of 1,597.33.

The index opened unchanged and moved between 1,594.75 and 1,602.38 throughout the trading session.

In the broader market, decliners marginally beat gainers 501 to 480, while 562 counters were unchanged, 928 untraded and 10 suspended.

Turnover narrowed to 2.55 billion units valued at RM2.29 billion versus 2.99 billion units worth RM2.43 billion on Tuesday.

SPI Asset Management managing director Stephen Innes said despite the overall narrative being one of cautious anticipation, the mood on the trading floors was tense as investors brace for the US Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) meeting later today.

He said market expectations of a 25 basis point interest rate cut from the Fed this month should theoretically be bullish.

However, the prevailing uncertainty is tied to the forward guidance, anticipated to carry a somewhat hawkish tone and possibly suggest a pause in interest rate cuts.

“Such an outlook could cast a shadow over regional stock markets, including Bursa Malaysia,” he told Bernama.

Innes further said compounding the cautious market sentiment, November’s economic data from China highlighted significant economic challenges.

There was a marked slowdown across key sectors, with retail sales, fixed asset investments and property investments decelerating notably.

Furthermore, the Consumer Price Index contracted by 0.6 per cent month-over-month, underscoring an urgent need for more robust economic support as looming US tariff threats hover on the horizon.

“This backdrop paints a complex picture for regional markets as they navigate through these uncertain economic times,” Innes added.

Among heavyweight counters, Tenaga Nasional was 28 sen higher at RM14.08, Nestle increased RM1.20 to RM99.00, IHH Healthcare, Petronas Chemicals and Maxis added 3.0 sen to RM7.13, RM4.81 and RM3.60 respectively, and YTL Corporation rose 2.0 sen to RM2.14

Of the most active stocks, ACE Market debutant Carlo Rino Group was 4.0 sen lower at 23 sen, Supermax was 12.0 sen higher to RM1.22, Top Glove perked up 7.0 sen to RM1.38, MYEG lost half-a-sen to 94.5 sen and Talam Transform was flat at 2.5 sen.

On the index board, the FBM Emas Shariah Index climbed 39.35 points to 12,322.49, the FBM Emas Index rose 18.76 points to 12,280.79 and the FBMT 100 Index gained 19.43 points to 11,965.42.

The FBM 70 Index was up by 39.57 points to 18,449.63 and the FBM ACE Index increased 4.58 points to 5,246.44.

By sector, the Industrial Products and Services Index shaved 0.35 of a point to 172.49, but the Energy Index dropped 1.35 points to 815.31.

The Financial Services Index slid 39.82 points to 18,896.19 and the Plantation Index edged up 4.67 points to 7,632.76.

The Main Market volume decreased to 1.36 billion units worth RM2.06 billion against Tuesday’s 1.59 billion units valued at RM2.21 billion.

Warrants turnover expanded to 672.44 million units valued at RM66.70 million from 662.60 million units worth RM64.50 million yesterday.

The ACE Market volume edged down to 517.27 million units worth RM155.22 million compared with 739.59 million units valued at RM159.48 million previously.

Consumer products and services counters accounted for 179.78 million shares traded on the Main Market, industrial products and services (234.26 million), construction (83.52 million), technology (179.93 million), SPAC (nil), financial services (51.99 million), property (218.70 million), plantation (38.50 million), REITs (24.73 million), closed/fund 2,100), energy (69.24 million), healthcare (190.08 million), telecommunications and media (27.66 million), transportation and logistics (24.68 million), utilities (35.00 million) and business trusts (53,400). — Bernama