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KUALA LUMPUR: Bursa Malaysia rebounded at mid-morning as bargain hunting resumed, boosted by optimism following the announcement of the country’s new Cabinet line-up today.

At 11 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.50 points to 1,588.24 from Thursday’s close of 1,585.74.

The market bellwether opened 2.84 points weaker at 1,582.90.

However, market breadth was negative, with losers leading gainers 490 to 337, while 410 counters were unchanged, 1,022 untraded and 65 others suspended.

Turnover stood at 1.58 billion shares worth RM1.0 billion.

In a note today, Maybank IB Research said it expects the benchmark index to range between 1,550 and 1,600 today, with support at 1,527 and 1,500.

Heavyweights IHH Healthcare advanced 31 sen to RM6.15, Maybank added one sen to RM8.46, Public Bank eased one sen to RM4.15, Tenaga was up four sen to RM10.34 and Petronas Chemicals rose 11 sen to RM8.31.

Among the actives, Avillion perked 1.5 sen to 14 sen, KNM added half-a-sen to 24.5 sen and Scope Industries dropped three sen to 31 sen.

On the index board, the FBM Emas Index strengthened 13.90 points to 11,553.35, the FBMT 100 Index was 17.38 points firmer at 11,266.46, and the FBM Emas Shariah Index was 27.63 points higher at 12,662.71.

The FBM 70 increased 21.57 points to 14,987.36, while the FBM ACE fell 19.78 points to 7,242.56.

Sector-wise, the Plantation Index decreased 3.69 points to 6,764.68, while the Financial Services Index eased 28.99 points to 15,499.62 and the Industrial Products and Services Index declined 0.40 of-a-point to 197.11.-Bernama

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