KUALA LUMPUR: The FBM KLCI scaled to a new high point in 2024, surpassing July's peak level to a fresh four-year record.
Blue chip stocks on Bursa Malaysia rose over 1% in Monday morning trade as the positive momentum over an impending rate cut in the US lifted investor sentiment in global equities.
The 30-stock FBM KLCI gained 17.83 points to 1,641.73, the index's best level since December 2020, in line with improvements in regional stock indices.
The market breadth registered 548 gainers compared to 449 decliners with a positive performance in 10 of the broader market sectors.
Financial services companies were bought higher on the back of a positive 2Q economic report and promising analyst forecasts for the country's growth.
The sector was led higher by CIMB up 21 sen to RM7.87, Public Bank gaining 20 sen to RM4.49, Maybank climbing 22 sen to RM10.48, RHB adding 12 sen to RM5.86 and Hong leong Bank rallying 35 sen to RM19.92.
Glove maker Top Glove, meanwhile, led the market in active trading with 104.4 million shares changing hands. The share was bought up six sen to RM1.01.
Other actively traded shares included MYEG up 1.5 sen to 93 sen and Velocity rising 0.5 sen to 6.5 sen.
In key Asian markets, the investor sentiment was mostly positive. China's composite index rose 0.53% to 2,894 and Hong Kong's Hang Seng gained 1.06% to 17,614.
Singapore's Straits Times was flat at 3,353 while Japan's Nikkei saw profit-taking following the previous week's bounce, falling 0.93% to 37,708.
