KUALA LUMPUR: The FBM KLCI pared gains as it entered the lunch break although the investor sentiment remained bullish in anticipation of a permanent peace deal between the US and Iran.
The Malaysian benchmark tracked global equities higher to an intra-morning high of 1,768.46, before subsiding to a noon close of 1,761.42, representing a quarter percent gain over the previous session.
Upside momentum extended to the broader market, which registered 588 advancing issues compared to 494 declining. Volume in the early session was 2.32 billion shares changing hands for RM2bil.
By sector, financial services was the clear winner, jumping 2.12% as the prospect of the easing geopolitical conflict and lower oil prices helped to boost economic prospects.
Energy stocks dropped 1.84% as crude oil futures fell to US$102 a barrel. Plantations followed suite, shaving 0.16%.
For today, investors are looking ahead to Bank Negara's monetary policy decision at 3pm, with most analysts expecting the central bank to stay put on its 2.75% overnight policy rate.
Heavyweight banks leading the index higher were Hong Leong Bank, rising 52 sen to RM22.64, CIMB adding nine sen to RM8.02, Maybank jumping six sen to RM11.28, Public Bank gaining 15 sen to RM4.94, RHB rising five sen to RM8.32 and AMMB climbing 11 sen to RM6.50.
MISC fell 37 sen to RM8.31 while PETRONAS Chemicals shaved 43 sen to RM5.44.
