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Bursa rebounds in early trade on bargain hunting

Business & Finance

KUALA LUMPUR (Aug 2): Bursa Malaysia rebounded from last week’s downtrend to open higher this morning as bargain hunting emerged on the back of improved market sentiment.

At 9.06am, the benchmark FBM KLCI had added 2.54 points to 1,497.14 from last Friday’s close at 1,494.6.

The index opened 2.79 points higher at 1,497.39.

On the broader market, gainers outnumbered losers 217 versus 181, while 273 counters were unchanged, 1,501 untraded and 11 others suspended.

Turnover stood at 236.56 million units worth RM108.34 million.

A dealer said sentiment in the market was lifted up by easing concerns over a regulatory crackdown in China that caused Asian equities to tumble to a seven-month low last week.

Of the heavyweights, Malayan Banking Bhd (Maybank) gained two sen to RM8.03, Public Bank Bhd and CIMB Group Holdings Bhd added one sen each

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