KUALA LUMPUR: Selective buying in index heavyweights lifted the FBM KLCI to a third straight session of gains, even as broader market sentiment remained cautious.
The 30-stock index closed 4.48 points, or 0.27%, higher at 1,683.53 after touching an intraday high of 1,685.49.
Despite the gain, broader market sentiment remained cautious, with decliners outnumbering gainers 620 to 403, while 545 counters closed unchanged. Turnover totalled 2.7 billion shares valued at RM1.7bil.
The benchmark's advance was driven by gains in selected heavyweight stocks, with 11 FBM KLCI constituents ending higher against 13 decliners, while six closed unchanged.
Dealers said buying remained concentrated in selected heavyweight stocks, helping the benchmark extend its gains.
However, sentiment across the broader market stayed cautious as decliners continued to outnumber gainers and technology stocks remained under pressure.
Among the FBM KLCI component stocks, PETRONAS Dagangan rose 28 sen to RM19.54, IHH Healthcare added 18 sen to RM8.33, Maybank gained 14 sen to RM10.94 and MISC climbed 11 sen to RM7.86.
Other gainers included United Plantations, which rose 38 sen to RM33.50, Bintulu Port, up 21 sen to RM5.56, and Heineken, which added 14 sen to RM19.44.
Technology stocks were among the top decliners, led by Malaysian Pacific Industries
, which plunged RM1.96 to RM45.82.
ViTrox fell 17 sen to RM7.63, Unisem lost 16 sen to RM4.51, Frontken declined 15 sen to RM4.78, while Greatech shed 11 sen to RM2.45.
On the currency front, the ringgit weakened 0.23% against the US dollar to 4.0807 and eased 0.03% against the Singapore dollar to 3.1550.
Bloomberg reported that the ringgit is poised for a second-half rebound, supported by Bank Negara’s measures to boost foreign-exchange inflows, strong exports and sustained foreign demand for Malaysian bonds.
Analysts see the local currency strengthening to as much as 3.80–3.95 against the US dollar by year-end, although a hawkish US Federal Reserve and domestic political uncertainty remain key risks.
Elsewhere in the region, Asian markets were muted, with Japan's Nikkei 225 closing flat, South Korea's Kospi slipping 0.46%, Hong Kong's Hang Seng Index rising 1.14%, while China's CSI300 Index finished little changed.
