Kuala lumpur: Bursa Malaysia's benchmark index ended at an intraday high, reaching 1,708.20 points, marking its highest level in over six years. This achievement was primarily driven by positive regional sentiment following gains on Wall Street and consistent foreign buying interest.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed the day with an increase of 12.76 points, or 0.75 percent, compared to Monday's close of 1,695.44. The index surpassed its previous peak of 1,707.73 recorded on February 28, 2019. The day began with the index opening 5.30 points higher at 1,700.74, experiencing an intraday low of 1,698.79 before climbing steadily throughout the day.
Market breadth showed a positive trend with 542 gainers compared to 536 losers, while 550 counters remained unchanged, 1,010 were untraded, and 12 were suspended. Turnover increased to 3.41 billion units worth RM3.55 billion from Monday's 3.09 billion units worth RM2.72 billion.
Analysts noted that the FBM KLCI's rise above the psychologically significant 1,700 level, a milestone first achieved in 2013 and last seen in February 2019, signifies a strong return to pre-pandemic valuations. This underscores the recovery's strength and the improving outlook for the Malaysian economy. Mohd Sedek Jantan, director of investment strategy and country economist at IPPFA Sdn Bhd, highlighted the index's swift rise, indicating renewed investor confidence and increased capital engagement with Malaysian equities.
Sector performance was led by domestic-driven stocks, with consumer and utilities sectors showing gains due to resilient household demand and stable regulated cash flows. However, energy stocks lagged despite higher crude prices, attributed to US President Donald Trump's announcement of a 25 percent tariff on any country trading with Iran, intensifying pressure on Tehran over recent protests.
Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, noted the positive performance of key regional indices as technology stocks rose on optimism surrounding artificial intelligence. He expressed a positive outlook for the local market, crediting the return of foreign buying for bolstering overall confidence and supporting the index's recent advances. Thong also projected the benchmark index to trend within the range of 1,690-1,720 for the remainder of the week.
Among major stocks, Maybank, Public Bank, CIMB, and Tenaga Nasional recorded gains, while IHH saw a slight decline. The most active stocks included MMAG, Semico, IJM Corp, Zetrix AI, and Tanco. Top gainers featured Hong Leong Industries, Batu Kawan, Spritzer, PMB Technology, and Bursa Malaysia, while United Plantation, Fraser and Neave, Petronas Dagangan, Southern Acids, and Nestle were among the top decliners.
The FBM Emas Index, FBM Top 100 Index, and FBM Emas Shariah Index showed varied performances, with the former two increasing while the latter fell. Sector indices also displayed mixed results, with the Financial Services Index and Energy Index rising, while the Plantation Index dipped.
Overall market activity saw a slight dip in Main Market volume, while warrants turnover advanced and the ACE Market volume expanded, reflecting active trading across various sectors, including consumer products, industrial products, construction, technology, and others.