KUALA LUMPUR: The FBM KLCI extended its gains for a second consecutive session on Friday, bucking a broader regional sell-off, while the ringgit weakened to its lowest level in two months against the US dollar.
The FBM KLCI closed 10.17 points, or 0.6%, higher at 1,693.43 after hitting an intraday high of 1,698.53. The benchmark index gained 0.6% for the week.
Market breadth was negative, with losers outnumbering gainers 666 to 477. A total of 3.41 billion shares worth RM3.041 billion changed hands.
Dealers said gains in selected blue-chip stocks helped lift the benchmark index, although broader market sentiment was mixed, with losers outnumbering gainers. Trading activity remained steady.
Among the top gainers, United Plantations rose 90 sen to RM31.30, Cepco gained 69 sen to RM2.65, PETRONAS Dagangan added 46 sen to RM18.78, and Hong Leong Bank climbed 34 sen to RM20.98.
Among the decliners, Nestle fell 84 sen to RM95.12, Allianz-PA dropped 70 sen to RM21.70, Malaysian Pacific Industries
lost 64 sen to RM47.44, and F&N declined 48 sen to RM26.88.
Meanwhile, the ringgit fell to a two-month low against the US dollar, declining 0.43% to 4.0290 and trimming its year-to-date gain to 0.7%.
The local currency also weakened 0.44% against the Singapore dollar to 3.1397.
Kenanga said fragile US-Iran negotiations and continued disruptions in the Strait of Hormuz are expected to keep oil prices elevated, raise inflation risks and support expectations of tighter US monetary policy.
“We expect US dollar-ringgit exchange rate to trade within 4.00-4.05, with risks skewed toward further ringgit weakness,” the research house said.
In terms of fund flows, foreign investors were net sellers on Thursday, offloading RM367mil worth of equities.
Local institutions and retail investors absorbed the selling, with net purchases totalling RM288mil and RM79mil, respectively.
Meanwhile, Brent crude fell 11 cents to US$94.92 a barrel, while U.S. West Texas Intermediate crude lost 40 cents to US$92.64 per barrel.
On the external front, MSCI’s Asia ex-Japan index slumped 2.22%, as a broad-based sell-off swept across regional markets amid a pause in the AI-driven rally.
Japan’s Nikkei 225 closed down 1.31% at 66,588.12;
Hong Kong’s Hang Seng Index fell 1.15% to 24,961.95;
China’s CSI300 Index lost 1.79% to 4,816.92;
Taiwan’s Taiex fell slid 1.33% to 45,070.94;
South Korea’s Kospi plunged 5.54% to 8,160.59 and;
Singapore’s Straits Times Index fell 0.3% to 5,049.96 points.
