KUALA LUMPUR: Bursa Malaysia rebounded on Tuesday as bargain hunting resumed after Monday's sell-off amid announcement from China's central bank of comprehensive stimulus measures. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 0.30 per cent, adding 5.07 per cent to 1,670.37, compared to yesterday's close of 1,665.30.

In the broader market, gainers led losers 558 to 549, while 508 counters were unchanged.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng viewed China's stimulus as positive, likely creating a spillover effect for regional economies.

He said the benchmark index is re-testing the 1,670 resistance level.

"We believe that breaking and holding above this level could unlock further upside.  If 1,670 is breached and sustained, we anticipate additional gains. As such, we expect the FBM KLCI to trade within the 1,660-1,680 range for the rest of the week," he added.

Thong said Asian stocks surged to their highest levels in over two and a half years, driven by strong gains in China and Hong Kong following the People's Bank of China (PBOC) largest stimulus since the pandemic.

https://www.nst.com.my/business/corporate/2024/09/1110177/bursa-malaysia-bounces-back-bargain-hunting-emerges