KUALA LUMPUR: The FBM KLCI rallied to finish at its day’s high on Wednesday, tracking regional gains as investors welcomed a two-week US-Iran ceasefire.
Dealers said the temporary truce was a positive development, signalling a de-escalation in geopolitical tensions and lifting market sentiment.
The 30-stock index rose 19.45 points, or 1.16%, to an intraday high of 1,696.31, snapping a two-day losing streak.
Market breadth was positive, with gainers outnumbering losers 855 to 410. With more than twice as many stocks advancing as declining, bullish sentiment persisted, although pockets of selling pressure remained in the broader market.
Trading activity was brisk, with 3.77 billion shares worth RM3.64bil changing hands.
In the session, KLCI component stocks were broadly positive, with 22 gainers, six decliners and two unchanged. PETRONAS Dagangan had the biggest gain, rising 4.87%, or RM1.02 to RM21.98, while PETRONAS Chemicals had the biggest drop, declining 4.93%, or 29 sen to RM5.59.
Other gainers included Nestle, which surged RM2.70 to RM101, F&N, which added 70 sen to RM29.40, and Hong Leong Bank, which climbed 60 sen to RM22.10.
On the downside, United Plantations slid RM1.22 to RM31.64, Batu Kawan eased 36 sen to RM21.42, while Hibiscus lost 25 sen to RM1.94.
Among the banks, Maybank rose 16 sen to RM11.32, CIMB added 21 sen to RM7.56, Public Bank gained 10 sen to RM4.70, while RHB Bank
climbed 13 sen to RM8.27 and AmBank advanced six sen to RM6.20.
On the forex market, the ringgit strengthened 1.3% against the US dollar to 3.9773, its highest in about two weeks. Year-to-date, the ringgit has appreciated 2.1%.
The local unit inched up 0.61% against the Singapore dollar to 3.1212, its highest in about 11 weeks.
Elsewhere in the region, Asian shares closed higher with Japan’s Nikkei 225 surged 5.39%, South Korea’s Kospi jumped 6.87% while the Hang Seng Index in Hong Kong advanced 3.09% and China’s CSI300 index closed up 3.49%.
