Kuala Lumpur:Bursa Malaysia's key index concluded the day on a positive note, closing above the 1,600-point threshold. This recovery came despite early losses, driven by selective bargain hunting in telecommunications and commodity-related heavyweights, while technology stocks continued to exhibit weakness.
According to BERNAMA News Agency, regional markets displayed mixed performances as investors reassessed the prospects of technology earnings and the sustainability of significant artificial intelligence-related investments. Additionally, Brent crude experienced a decline of more than three percent, settling at approximately US$110 per barrel, amidst hopes of easing tensions in West Asia following diplomatic engagements involving Iran and Qatar.
By 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) had risen by 3.91 points, or 0.24 percent, reaching 1,619.51, up from the previous Friday's close of 1,615.60. The benchmark index, which initially opened lower at 1,613.21, fluctuated between 1,607.15 and 1,623.33 throughout the trading session.
In the broader market context, the number of declining stocks outpaced advancing ones, with 774 losers compared to 323 gainers. A total of 501 counters remained unchanged, while 1,125 were not traded, and 11 were suspended. The day's turnover decreased to 2.65 billion units worth RM2.10 billion, down from the previous Friday's 3.15 billion units valued at RM2.68 billion.
Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, noted the market's resilience, supported by targeted buying in fundamentally robust blue-chip stocks. However, he cautioned that the recovery could be gradual amid uncertainties surrounding US interest rates and foreign fund flows. He also highlighted that investors would be closely monitoring the upcoming US mid-term elections and Bank Negara Malaysia's monetary policy decision scheduled for Thursday.
Regionally, market performances were varied, with Hong Kong's Hang Seng rising by 0.42 percent to 23,393.32 and South Korea's Kospi surging by 2.24 percent to 5,859.08. Conversely, Japan's Nikkei 225 decreased by 0.33 percent to 63,081.86, while Singapore's Strait Times Index fell by 1.36 percent to 5,303.83.
Among major stocks, Maybank saw a decline of four sen to RM9.98, whereas Public Bank and CIMB recorded gains of four sen to RM4.79 and one sen to RM6.92, respectively. Tenaga Nasional and IHH Healthcare remained unchanged at RM13.30 and RM7.85.
The FBM Emas Index increased by 10.56 points to 12,072.30, and the FBM Top 100 Index gained 15.42 points to 11,879.28. The FBM Emas Shariah Index rose by 18.62 points to 12,101.53. However, the FBM ACE Index declined by 60.92 points to 5,342.99, and the FBM Mid 70 Index fell by 33.10 points to 17,387.58.
Sector-wise, the Industrial Products and Services Index inched up by 0.40 of a point to 178.77, the Financial Services Index strengthened by 21.41 points to 18,569.40, and the Plantation Index climbed by 4.81 points to 8,702.23. Meanwhile, the Energy Index decreased by 15.27 points to 836.89.