KUALA LUMPUR (June 18): The FBM KLCI rebounded today on bargain hunting following the recent sell-off.

The benchmark index closed 18.19 points or 1.16% higher at its intraday high of 1,589.05.

Rakuten Trade head of research Kenny Yee said there were some bargain-hunting activities after the recent downtrend. “However, the KLCI is expected to be range-bound next week due to uncertainty over the Parliament developments,” he told theedgemarkets.com.

While also expecting the KLCI to continue to trend sideways, Hong Leong Investment Bank (HLIB) Research analyst Ng Jun Sheng believed the downside risk to the KLCI is likely to be cushioned near the 1,545-1,552 zone as the nationwide vaccination programme gains strength and is anticipated to hit above 300,000 shots daily from July to August onwards after crossing the threshold of 200,000 jabs this week.

Across Bursa Malaysia, 6.31 billion securities were traded for RM4.77 billion, compared with 4.26 billion securities worth RM2.74 billion yesterday.

Gainers led losers by 563 to 456, while 452 counters closed unchanged.

Notably, Bursa's Technology Index rose 1.68% to 82.2 after US technology stocks drove the Nasdaq higher overnight.

Malaysian Pacific Industries Bhd (MPI) was the top gainer, rising 54 sen or 1.35% to RM40.68, followed by plantation group Kuala Lumpur Kepong Bhd (KLK), which climbed 54 sen or 2.58% to RM21.44, and consumer product group Nestlé (Malaysia) Bhd, which rose 50 sen or 0.37% to RM134.90.

KESM Industries Bhd, meanwhile, was the top loser, falling 36 sen or 3.11% to RM11.20, followed by ViTrox Corp Bhd, which slipped 34 sen or 2.29% to RM14.50, and Malaysia Airports Holdings Bhd (MAHB) that slid 31 sen or 4.91% to RM6.01.

Fintec Global Bhd, the most actively traded stock, ended half a sen or 16.67% higher at 3.5 sen.

Meanwhile, Asian bourses were largely mixed today. 

Reuters reported that China stocks ended flat today while posting their third straight weekly drop on worries over lofty valuations and Sino-West tensions. China’s Shanghai Composite Index closed 0.01% lower at 3,525.1. Japan’s Nikkei 225 also ended 0.19% lower at 28,964.08. South Korea’s KOSPI, however, closed 0.09% higher at 3,267.93, posting its fifth consecutive weekly gain.