KUALA LUMPUR: Bursa Malaysia’s benchmark index extended its upward momentum to close at a fresh six-year high yesterday, supported by sustained buying interest in heavyweight and plantation stocks, in tandem with stronger performances across regional markets.
At 5pm, the FBM KLCI gained 8.9 points, or 0.53%, to 1,695.44 from last Friday’s close of 1,686.54.
The index surpassed its previous peak of 1,693.99 recorded on March 4, 2019.
The market barometer opened 0.53 of-a-point higher at 1,687.07 and traded within a range of 1,686.57 to 1,697.78 throughout the session.
Market breadth was positive, with gainers outpacing losers 641 to 467, while some 534 counters were unchanged, 1,008 untraded, and 55 suspended.
Turnover was higher at 3.09 billion units worth RM2.72bil from last Friday’s 2.83 billion units worth RM2.75bil.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI has now closed above its pre-pandemic level, marking a full recovery from the Covid-19 shock.
He said Bursa Malaysia began the week on a firm footing, with the FBM KLCI, FBM Mid 70 Index and the FBM Small Cap Index extending their upward momentum amid improved regional risk appetite, underpinned by strong domestic economic data released last Friday that reinforced investor confidence in Malaysia’s growth outlook.
“With the advance estimate of the fourth quarter of financial year 2025 gross domestic product due for release this Friday, we expect growth of about 5%, putting the full-year 2025 expansion at around 4.8%, reinforcing the case for a resilient and domestically driven recovery,” he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices ended higher, led by gains in China’s artificial intelligence-related stocks amid rising optimism over the sector and firmer local currencies against the US dollar.
“Looking ahead, the FBM KLCI index is edging closer to the 1,700 level, which will be an important test. For the moment, we anticipate it to trend within the range of 1,680 to 1,700 for the week,” he added.
Among the heavyweights, Malayan Banking Bhd
rose eight sen to RM10.94 yesterday, while Public Bank Bhd gained one sen to RM4.59.
