KUALA LUMPUR: The domestic stock market took on positive momentum on the heels of a steep Wall Street rebound as US President Donald Trump called off a strike on Iran and signalled a peace deal.
The announcement sent global equities soaring and oil prices dropping below US$90 a barrel.
Malaysia's benchmark FBM KLCI gapped 5.34 points higher to 1,684.87, but remains below the previous week's close of 1,693.43.
Apex Securities expects the market sentiment to remain positive on the back of the strong overnight performance on Wall Street and sharp decline in oil prices.
It also expects investor interest in AI-related investments to remains strong ahead of the highly anticipated SpaceX IPO, which could continue to support sentiment towards technology-related counters.
On the domestic front, it said Malaysia's fundamentals remain resilient despite external uncertainties, supported by healthy investment activity and sustained demand for AI-related electronics and services.
However, local political uncertainties remain a key risk factor that could weigh on overall market sentiment.
"Technology and consumer sector may remain in focus amid improving risk appetite, easing geopolitical tensions and continued interest in AI-related investment themes. Meanwhile, energy-related counters could face near-term selling pressure following the sharp decline in crude oil prices," it said in its market outlook.
Among leading gainers, PETRONAS Dagangan rose 46 sne to RM18.18, Tenaga Nasional jumped 12 sne to RM14.42 and YTL Power rose six sen to RM4.10.
Bermaz Auto
, which announced its fourth-quarter earnings after trading hours yesterday, rose 7.5 sen to 98 sen.
Top actives included VS Industry flat at 20 sen, Velesto down 0.5 sen to 29.5 sen and AirASsia X up three sen to RM1.17.
