KUALA LUMPUR, Aug 11 — Bursa Malaysia rebounded from yesterday’s losses to close broadly higher today, with the benchmark index breaching and staying above the 1,500-psychological level amid positive market sentiment across the region.
Banking stocks were mostly upbeat, including CIMB, Maybank, Hong Leong Financial Group, Hong Leong Bank, Public Bank, and RHB Bank following slower-than-expected inflation data in the United States which might provide some space for the Federal Reserve not to hike rates aggressively. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the strong performance in Malaysian equities was in sync with regional bourses which were mostly higher following the positive cues from the overnight gains on Wall Street.
Meanwhile, a dealer said risk appetite in the market was also fuelled by the anticipation of a bullish second-quarter gross domestic product growth, to be announced by Bank Negara Malaysia tomorrow. Maybank gained four sen to RM8.94, Public Bank perked up two sen to RM4.65, Petronas Chemicals and IHH Healthcare rose six sen each to RM8.78 and RM6.48 respectively, CIMB advanced seven sen to RM5.37, while Tenaga surged 1.78 per cent or six sen to RM6.48. Of the actives, Metronic and G3 Global slipped half-a-sen each to five sen and three sen respectively, SFP Tech bagged 19 sen to RM1.13, Fintec was flat at one sen, while Green Packet inched up half-a-sen to 5.5 sen.
The Main Market volume expanded to 1.64 billion shares worth RM1.63 billion from 1.48 billion shares worth RM1.49 billion on Wednesday.
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