KUALA LUMPUR: Bursa Malaysia closed on a positive note, driven by local economic policies and strong performance from technology stocks, as well as a favourable outlook in the United States market, according to an analyst. The FTSE Bursa Malaysia KLCI (FBM KLCI) saw an increase of 13.47 points, or 0.83 percent, ending the day at an intraday high of 1,634.17.
According to BERNAMA News Agency, the market sentiment was further bolstered by Bank Negara Malaysia’s decision to maintain the Overnight Policy Rate at 3.0 percent, which is expected to encourage domestic spending and investment. The benchmark index began the day 3.71 points higher at 1,624.41 and reached a low of 1,623.52 during early trading before climbing steadily in the closing session.
Market breadth was tilted positively, with 849 advancers surpassing 352 decliners. A total of 428 counters were unchanged, 765 remained untraded, and nine were suspended. The turnover increased to 3.39 billion units valued at RM2.92 billion, compared to Tuesday’s 2
.58 billion units valued at RM2.47 billion.
UOB Kay Hian Wealth Advisors’ head of investment research, Mohd Sedek Jantan, noted that steady buying interest, especially in the technology sector, contributed to the upbeat sentiment. He highlighted that the strong earnings of Palantir Tech, showcasing growth in artificial intelligence-driven revenue, positively influenced local technology stocks. Data centre-related stocks in construction, metals, and utilities led the gains among FBM KLCI components.
Additionally, the resilience of the US economy and the Federal Reserve’s accommodative stance provided confidence to investors, ensuring stability in the market. Thong Pak Leng, equity research vice-president of Rakuten Trade Sdn Bhd, mentioned that the benchmark index’s upward trajectory was sustained by improving investor sentiment, despite mixed regional market performances. He pointed out that the unchanged OPR at 3.0 percent added clarity to the local market landscape.
Thong Pak Leng also expressed caution,
noting that the outcome of the US presidential election could impact the global geopolitical scene. He revised the weekly FBM KLCI target range to between 1,610 and 1,640, reflecting the improving local market sentiment.
Among heavyweights, notable movements included Tenaga Nasional’s increase of 30.0 sen to RM14.38, CIMB Group’s rise of 8.0 sen to RM8.20, and Maybank and Public Bank’s addition of 6.0 sen each to RM10.60 and RM4.49, respectively. In contrast, IHH Healthcare fell by 5.0 sen to RM7.26. Active stocks included ACE Market debutant 3Ren, which surged 11.5 sen to 39.5 sen, and Genetec Technology, which gained 26 sen to 95 sen.
The index board saw gains, with the FBM Emas Index climbing 153.58 points to 12,380.82, and the FBM Emas Shariah Index surging 171.40 points to 12,356.21. However, the Energy Index and Plantation Index experienced slight declines.
Main Market volume increased to 1.85 billion units worth RM2.53 billion, while warrants turnover climbed to 796.39 million units valued at RM117.
51 million. The ACE Market volume surged to 743.69 million units worth RM272.67 million.
Consumer products and services counters accounted for 246.84 million shares traded on the Main Market, with industrial products and services leading at 391.74 million shares, followed by technology at 416.08 million shares.