KUALA LUMPUR: The FBM KLCI edged higher on Wednesday despite overnight weakness in the US stock market and higher oil prices.
The market barometer crept 2.05 points higher to 1,731.65, building on the previous day's positive momentum as the local sentiment continued to improve.
Nevertheless, Apex Securities said market sentiment is expected to remain cautious in the near term as investors weigh improving domestic momentum against softer global risk appetite and lingering geopolitical uncertainty in the Middle East.
"While the FBMKLCI’s rebound was supported by bargain-hunting and renewed interest in index-linked counters, the mixed market breadth suggests that participation remains selective.
"Externally, weakness across U.S., European and Asian equities may cap upside amid renewed concerns over AI-related spending and global growth expectations," it said in its market outlook.
Traders are also dealing with the UAE's planned exit from Opec, which Apex said could keep energy markets volatile, adding to inflation and policy uncertainty.
Brent crude futures hovered near the US$110 a barrel level after rising for six straight sessions as the peace talks in the Middle East have done little to ease anxiety over the oil supply crunch.
On Bursa Malaysia, PETRONAS Gas rose 14 sen to RM18.10, Tenaga Nasional climbed eight sen to RM14.60 and Telekom Malaysia added eight sen to RM7.74.
Top actives were VS Industry down 0.5 sen to 20.5 sen, Velesto
up 0.5 sen to 32.5 sen and UEM Sunrise gaining two sen to 67 sen.
