KUALA LUMPUR (Aug 6): Malaysia stocks extended their recovery by noon on Tuesday, after a two-day precipitous decline that wiped out market capitalisation worth RM153 billion.
The FBM KLCI opened with a gain of 5.66 points, or 0.4%, at 1,542.14. By noon break, it had risen by 31.43 points, or 2.05%, settling at 1,567.91 after reaching an earlier high of 1,568.70.
Petronas Chemicals Group Bhd (KL:PCHEM) was the biggest gainer in the 30-stock index, climbing 4.9% to RM5.58, followed by Sunway Bhd (KL:SUNWAY) that advanced 4.4% to RM3.78. Maxis Bhd (KL:MAXIS) rose 3.7% to RM3.38, while Tenaga Nasional Bhd (KL:TENAGA) was also up 3.7% to RM13.64.
In the broader market, 974 stocks advanced, 307 retreated and 353 were unchanged. Bursa’s daily trading volume stood at 3.93 billion shares, while trading value was at RM2.9 billion.
While traders might find opportunities in fundamentally strong stocks for bargain hunting after the recent selldown, “we advise investors to remain cautious during the current market turmoil,” said Apex Securities Research in a note.
“Investors can gradually accumulate stocks that have dropped below their intrinsic value during this period of market volatility,” the house said.
The FBM ACE Index rose 2.77% or 137.43 points to 5,092.51, while the FBM Small Cap Index rose 2.25% or 386.88 points to 17,615.35.
All of the sectors on Bursa were in the green, with the property index rising 5.1%, followed by construction 4.3%, energy 3.2% and technology 3.1%.
Among the top actively traded counters were Cape EMS Bhd (KL:CEB), which fell 12.4% or seven sen to 49.5 sen; MyEG Services Bhd (KL:MYEG), which rose five sen or 6.1% to 87.5 sen; Pegasus Heights Bhd (KL:PHB), which was unchanged at one sen; and Jiankun International Bhd (KL:JIANKUN), which fell 1.5 sen or 13.6% to 9.5 sen.