Baku:Bursa Malaysia The FTSE Bursa Malaysia KLCI (FBM KLCI) opened higher on Wednesday, reflecting a cautious yet positive market sentiment. The increase was driven by ongoing bargain-hunting activities and robust domestic fundamentals.
According to BERNAMA News Agency, at 9.10 am, the FBM KLCI had climbed 4.50 points, or 0.27 percent, reaching 1,627.85 compared to the previous day's close of 1,623.35. The index had initially opened 0.59 points higher at 1,623.94. Despite the gains, the broader market showed 193 losers compared to 137 gainers, with 291 counters unchanged, 2,234 untraded, and 21 suspended. The market turnover was recorded at 239.44 million units worth RM140.08 million.
Apex Securities Bhd highlighted that the market's recovery seems concentrated on selected larger-cap stocks, noting that persistent foreign selling and weakness in regional technology markets might cap further gains. However, easing US Treasury yields and crude oil prices could offer some relief, although investors remain cautious ahead of key US inflation data. The KLCI is expected to stay range-bound with a selective trading approach, as robust domestic policy support helps offset global macroeconomic uncertainties.
In terms of sector focus, financials are anticipated to remain resilient, backed by solid buying interest in banking heavyweights despite ongoing foreign selling. Real estate investment trusts (REITs) might benefit from easing global bond yields, spurring bargain-hunting activities. Furthermore, energy stocks may perform well if geopolitical tensions escalate in West Asia.
Among the market heavyweights, Maybank increased by two sen to RM9.98, Public Bank by three sen to RM4.73, CIMB by seven sen to RM7.57, and IHH Healthcare by five sen to RM8.03. Conversely, Tenaga Nasional decreased by two sen to RM13.02. In active trading, ACE market debutant Ecosys rose by 46 sen to 73 sen, TWL edged up by half a sen to 2.5 sen, Asteel gained one sen to 11 sen, while Jaks Resources remained unchanged at 15 sen. Zetrix AI fell by half a sen to six sen.
Among top gainers, United Plantations rose by 20 sen to RM30.80, Hengyuan added 14 sen to RM3.77, and Mentiga and Fraser and Neave each gained 12 sen, reaching 70 sen and RM20.28, respectively. On the other hand, Samaiden dropped by 32 sen to RM2.75, Solarvest decreased by 31 sen to RM3.79, Pekat fell by 23 sen to RM2.68, and Northern Solar declined by 11 sen to RM1.07.
On the index board, the FBM Emas Index increased by 16.75 points to 12,123.49, the FBM Top 100 Index rose by 18.68 points to 11,917.14, while the FBM Mid 70 Index dropped by 32.60 points to 17,345.39, the FBM Emas Shariah Index decreased by 4.45 points to 12,070.02, and the FBM ACE Index weakened by 45.96 points to 5,439.39.
In sectoral performance, the Financial Services Index climbed by 75.64 points to 18,841.81, the Industrial Products and Services Index increased by 0.46 points to 180.16, and the Plantation Index rose by 1.07 points to 8,814.19. Meanwhile, the Energy Index fell by 10.14 points to 824.92.