Kuala lumpur: Bursa Malaysia extended its upward momentum on Tuesday, opening 0.63 percent higher to reach a new peak not seen since June 2018. This growth was supported by continued foreign fund inflows following significant outflows last year. As of 9:10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 11.11 points to 1,755.18 from Monday's close of 1,744.07, after starting the session 5.18 points higher at 1,749.25.
According to BERNAMA News Agency, the benchmark index surpassed its previous high of 1,755.14 recorded on June 5, 2018. In the broader market, gainers led losers 244 to 149, with 346 counters unchanged, 1,999 untraded, and 66 suspended. Turnover amounted to 212.73 million shares valued at RM169.47 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng observed that Wall Street trended higher while the US 10-year yield slightly eased to 4.213 percent. He noted that the FBM KLCI surged to a seven-year high driven by foreign funds accumulation. Thong Pak Leng expressed confidence that foreign funds would continue to flow into Malaysia, despite anticipating an intermittent correction in the near term, predicting the index to trend within the 1,740-1,750 range for the day.
He also highlighted the uptick in crude palm oil futures, supported by improving demand ahead of the Chinese New Year and Ramadan festivities. Additionally, he mentioned the ringgit breaking the 4.0 mark, reaching its highest level since 2018.
In terms of heavyweight stocks, Maybank rose 14 sen to RM11.64, Tenaga Nasional added 12 sen to RM14.10, CIMB was 11 sen higher at RM8.73, Press Metal increased nine sen to RM7.65, and Petronas Chemicals appreciated six sen to RM3.40. On the most active list, Greentronics and SP Setia added 1.5 sen each to 25 sen and 97 sen, respectively, while AirAsia X rose nine sen to RM2.28.
Top gainers included Nestle, which increased 30 sen to RM116.30, Malaysian Pacific, gaining 20 sen to RM32.78, Hong Leong Bank rising 18 sen to RM24.68, Malayan Cement being 15 sen firmer at RM7.90, and Hong Leong Financial appreciating 12 sen to RM21.42. Leading decliners were United Plantations, which decreased 16 sen to RM30.70.
On the broader market, the FBM Emas Index advanced 66.92 points to 12,866.07, the FBM Top 100 Index firmed up 69.06 points to 12,669.23, and the FBM Emas Shariah Index expanded 29.83 points to 12,430.22. The FBM Mid 70 Index gained 46.22 points to 17,677.05, while the FBM ACE Index declined 5.67 points to 4,843.04. Sector-wise, the Financial Services Index surged 216.42 points to 21,413.65, the Energy Index inched up 3.33 points to 768.19, and the Industrial Products and Services Index edged up 1.12 points to 178.40. Meanwhile, the Plantation Index lost 3.19 points to 8,441.94.