KUALA LUMPUR: The FBM KLCI continues to plot a horizontal line as headlines about developments in the the Middle East conflict dominate trading sentiment.
The FBM KLCI was down 0.64 points to 1,689.07 as it opened for trading on Friday, a meek reaction to what was another record-breaking rally in US equities. Overnight, the S&P500 and Nasdaq tacked on more gains to a fresh closing record following a ceasefire deal reached between Israel and Lebanon.
At present levels, Malaysia's benchmark index has lost just slightly over two points over the course of the week's trading, reflecting investor hesitation in returning to the market.
According to Apex Research, the Malaysian market is expected to track the crosscurrents in the Middle East closely, with oil price volatility remaining the key transmission channel between geopolitical headlines and domestic equity performance.
Brent crude futures hovered around US$98 a barrel, after spiking overnight to just under US$100 a barrel.
"Thursday's session outperformance in financials and technology suggests both sectors retain momentum and could extend gains if a second round of US-Iran negotiations is confirmed.
"We maintain a selective stance on energy and plantation stocks as elevated crude and vegetable oil prices continue to support earnings, though accelerating diplomatic progress ahead of the April 22 (Asian time) deadline tilts the risk of a sharp price reversal to the downside," said Apex in its sector outlook.
On its debut on the Main Market, Empire Premium Food charted a whopping 40 sen jump to RM1.10, and climbed to an intramorning high of RM1.21.
Other actively traded shares included Zetrix AI down 0.5 sen to 82 sen and Toyo Ventures up two sen to 25.5 sen.
