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Bursa Malaysia mixed as bargain hunters prop up key index

KUALA LUMPUR: Bursa Malaysia was trading mixed on Monday as bargain hunters pushed up the key index after last week's sell off.

At 10.20am, FTSE Bursa Malaysia (FBM) KLCI was up 0.25 per cent or 4.02 points to 1,622.32 versus Friday's close of 1,618.30.

The key index opened at 1,622.34.

The broader market saw losers lead gainers 469 to 242 while 468 counters were unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI declined to almost the 1,610 level last week as foreign selling gathered momentum.

"We were surprised by the sell-down and believe a swift rebound is required to above the 1,630 mark to avoid a pro-longed consolidation for the local bourse."

"Meanwhile, we expect the index to stay side-ways possibly oscillating between the 1,620-1,630 range today," said Thong.

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