Kuala Lumpur: Persistent buying in selected telecommunications, media, and utilities stocks lifted Bursa Malaysia to an intraday high, aligning with positive momentum across the regional market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.85 percent, or 13.10 points, to 1,549.90 from the previous day’s close of 1,536.80.
According to BERNAMA News Agency, CelcomDigi and YTL Corp were the top contributors to the benchmark index’s increase, with their shares rising by 12 sen to RM3.91 and 11 sen to RM2.05, respectively, contributing a combined 4.50 points. The market bellwether opened slightly lower at 1,536.56, its lowest point of the day, before recovering and climbing for the remainder of the session.
In the broader market, the number of gainers outpaced losers, with 595 counters gaining and 378 declining. Additionally, 477 counters remained unchanged, 885 were untraded, and nine were suspended. Turnover improved to 2.84 billion units worth RM2.43 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng stated that key regional indices closed higher after the Trump administration announced that top US officials would meet with Chinese counterparts for trade discussions over the weekend. “We believe these discussions could represent a pivotal step towards easing trade tensions sparked by President Donald Trump’s policies. The local bourse is recovering after two weak sessions, supported by improved investor sentiment and increased foreign buying driven by attractive valuations,” he told Bernama. He also mentioned that the FBM KLCI appears poised for further gains, provided it holds above its support zones, and expects the benchmark index to trade between 1,530 and 1,560 for the rest of the week.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that the market focus is also on the upcoming US Federal Open Market Committee’s decision on interest rates and Federal Reserve (Fed) Chair Jerome Powell’s press conference. “While a rate cut is not anticipated at this meeting, market participants will scrutinize the Fed’s forward guidance,” he said. He also expects Bank Negara Malaysia to maintain the Overnight Policy Rate following its Monetary Policy Committee meeting, which concludes tomorrow, reinforcing a stable policy environment.
Among the heavyweights, Maybank rose 4.0 sen to RM10, Tenaga Nasional advanced 10 sen to RM14.16, CIMB garnered 5.0 sen to RM6.95, while Public Bank and IHH Healthcare remained flat at RM4.47 and RM7, respectively. For active stocks, Sapura Energy increased by half-a-sen to 4.5 sen, Tanco Holdings added 1.5 sen to 90 sen, DNeX went up 1.0 sen to 27.5 sen, while WTEC slipped 1.5 sen to 24 sen.
On the index board, the FBM Emas Index improved by 106.12 points to 11,519.59, the FBMT 100 Index surged 103.66 points to 11,291.31, and the FBM Emas Shariah Index jumped 126.80 points to 11,438.01. The FBM 70 Index soared 182.01 points to 16,244.24, and the FBM ACE Index improved by 12.84 points to 4,651.61. Across sectors, the Financial Services Index gained 59.42 points to 18,188.61, the Industrial Products and Services Index increased by 1.81 points to 152.29, the Energy Index climbed 6.43 points to 685.05, while the Plantation Index advanced 20.33 points to 7,305.29.
The Main Market volume improved to 1.42 billion units valued at RM2.16 billion compared to yesterday’s 1.22 billion units worth RM1.61 billion. Warrants turnover decreased to 1.05 billion units worth RM150.97 million from 1.22 billion units valued at RM157.38 million previously. The ACE Market volume expanded to 371.32 million units valued at RM118.03 million compared with 346.85 million units worth RM103.09 million on Tuesday. Consumer products and services counters accounted for 198.20 million shares traded on the Main Market, with industrial products and services at 186.97 million, construction at 106.73 million, and technology at 184.73 million, among others.