KUALA LUMPUR: Bursa Malaysia kept the upward momentum going as an extension to the peace talks in the Middle East fuelled hopes for a breakthrough.
US stock futures turned higher and Asian markets were given a reprieve from the decline that hit Wall Street during trading hours, after US President Donald Trump said the the truce would be extended indefinitely until the negotiations were concluded.
The FBM KLCI rose 2.67 points to 1,718, marching higher for a fifth straight day as investors are banking on the resolve of the US to strike a deal with Iran and reopen the Strait of Hormuz.
Brent crude futures rose past the US$100 a barrel mark overnight when it appeared there was no deal forthcoming from negotiations as the original April 22 deadline passed.
The international benchmark for oil subsided slightly to around US$98.50 a barrel after Trump's extension announcement, but it remains elevated compared to the start of the week, where it hovered near US$95 a barrel.
In its morning report, Apex Research said it expects the FBM KLCI remain on a mild upward bias in the near term, although gains are expected to moderate as nivestors turn more selective.
It said there would be a rotation into large-cap defensives and earnings-supported names amid lingering external uncertainties.
"The resilience seen across key Asian markets should provide a supportive backdrop for Bursa Malaysia, while sustained corporate earnings momentum globally may help anchor risk appetite," it added.
Among actively traded shares, Perdana Petroleum rose one sen ot 17.5 sen, NexG was up one sen to 31.5 sen and Green Packet unchanged at 2.5 sen.
Glove shares were seen rising, with Top Glove adding 1.5 sen to 73 sen, Hartalega
gaining four sen to RM1.14, Kossan climbing thee sen to RM1.11 and Supermax putting on 1.5 sen to 32.5 sen.
