Investors looking for a rebound in Bursa Malaysia saw a slight uptick in the market on Monday, as the local bourse snapped a three-day losing streak. This modest gain was driven by regional market performances and targeted bargain hunting in heavyweight stocks, offering a glimmer of optimism amid broader economic concerns.
The FTSE Bursa Malaysia KLCI closed the day with a gain of 1.38 points or 0.08%, ending at 1,666.94 after climbing as high as 1,674.74 during the session. The increase, though minor, comes as investors capitalized on opportunities in refining and renewable energy stocks, with notable gains seen in companies like Hengyuan, which rose RM1 to RM4.34, and Petron Malaysia Refining, up 33 sen to RM3.79.
Renewable energy stocks also saw positive movement, with Samaiden advancing 43 sen to RM2.38, Solarvest climbing 36 sen to RM3.69, and Pekat adding 15 sen to RM2.26. These sectors provided a boost to the market despite profit-taking activities that led to the index surrendering most of its intra-day gains.
On the currency front, the ringgit showed slight strength, appreciating by 0.13% against the US dollar to settle at 4.0765. Meanwhile, the global energy market saw Brent crude prices drop by 2.04% to US$101.75 per barrel, as concerns over potential supply disruptions eased, giving some relief to the energy sector.
Elsewhere in Asia, regional markets echoed Bursa Malaysia’s positive trend, with Japan’s Nikkei 225, South Korea’s Kospi, and Hong Kong’s Hang Seng all recording gains. Major Chinese indexes also ended the day in the green, contributing to an overall buoyant sentiment across Asian markets.