Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional markets were mixed as focus remained on the Middle East conflict and upcoming US megacap earnings.
Thong told Bernama that the FTSE Bursa Malaysia KLCI (FBM KLCI) is holding above the 1,700 level and rebounding from around 1,680 last week, suggesting that investors are beginning to accumulate on dips, although the upside may be capped as the index tests the 1,730 resistance zone.
He said that external risks continue to linger as developments in the Middle East remain fluid, with peace talks yet to reach a clear resolution, while tensions around the Strait of Hormuz continue to keep oil prices elevated.
Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Sedek Jantan said gains were primarily supported by petrochemical stocks, tracking Brent crude prices, which rose above US$110 (RM434.72) per barrel.
“At the same time, the FBM70 continued to outperform, highlighting a clear internal rotation within the domestic market.
“While this may appear as an improvement in risk appetite, the underlying pattern suggests a more defensive rotation in nature, where rising global oil prices and persistent geopolitical tensions are driving flows into energy-linked beneficiaries and domestically resilient sectors, rather than signalling a broad-based cyclical recovery,” he added.
At 5pm, the FBM KLCI advanced 12.33 points to 1,729.60 from yesterday’s close of 1,717.27.
The benchmark index, which opened 4.13 points higher at 1,721.40, hit a low of 1,714.12 in the mid-morning session before gaining momentum for the rest of the day toward closing.
Market breadth was marginally positive, with gainers edging out losers 629 to 626. A total of 530 counters were unchanged, 933 untraded, and 86 suspended.
Turnover inched up to 3.85 billion units worth RM3.38 billion compared with 3.74 billion units valued at RM3.30 billion yesterday.
Among heavyweights, Maybank rose 12 sen to RM11.22, Public Bank added 6 sen to RM4.78, CIMB improved 13 sen to RM7.78, IHH Healthcare gained 4 sen to RM8.81, while Tenaga Nasional was 6 sen lower at RM14.52.
On the most active list, Luster Industries eased by 0.5 sen to 3.5 sen, Zetrix AI fell 1 sen to 86 sen, VS Industry dropped 1.5 sen to 21 sen, while UEM Sunrise rose 7.5 sen to 66.5 sen, and MRCB bagged 2 sen to 33.5 sen.
Top gainers included Nestle, which garnered RM3.18 to RM102.30, Fraser & Neave advanced 72 sen to RM31.40, KESM surged 46 sen to RM4.19, United Plantations climbed 38 sen to RM32.00, and Dutch Lady perked up 28 sen to RM32.78.
As for top losers, Malaysian Pacific Industries, shaved off 38 sen to RM37.50, Allianz decreased 36 sen to RM20.80, Kelington and Batu Kawan slipped 16 sen each to RM6.22 and RM20.98, respectively, and UWC lost 15 sen to RM5.12.
On the index board, the FBM Emas Index increased 82.61 points to 12,798.74, the FBMT 100 Index jumped 84.94 points to 12,634.33, the FBM Emas Shariah Index gained 69.10 points to 12,729.19, the FBM 70 Index climbed 100.90 points to 18,269.97, and the FBM ACE Index shed 1.48 points to 4,656.54.
By sector, the financial services index soared 184.72 points to 20,161.63, the industrial products and services index edged up 0.90 of-a-point to 195.81, the energy index eased 0.28 of-a-point to 831.33, while the plantation index declined 4.11 points to 8,830.46.
The Main Market volume was marginally lower at 2.25 billion units valued at RM3.07 billion from 2.32 billion units valued at RM3.01 billion on Monday.
Warrants turnover improved to 1.18 billion units worth RM161.79 million from 1.01 billion units worth RM141.36 million previously.
The ACE Market volume expanded to 415.85 million units valued at RM152.85 million from 409.6 million units valued at RM154.98 million yesterday.
Consumer products and services counters accounted for 298.23 million shares traded on the Main Market, industrial products and services (49.75 million), construction (249.04 million), technology (299.38 million), financial services (58.83 million), property (428.21 million), plantation (46.85 million), real estate investment trusts (26.67 million), closed-end fund (10,500), energy (153.68 million), healthcare (90.08 million), telecommunications and media (24.34 million), transportation and logistics (39.86 million), utilities (43.82 million) and business trusts (85,600).