KUALA LUMPUR: The FBM KLCI bucked the broader regional downtrend to end higher on Monday, supported by strong gains in plantation heavyweights.
Dealers said investors rotated into defensive plantation stocks as firmer crude oil prices lifted sentiment towards the sector amid regional risk aversion, helping the FBM KLCI outperform its Asian peers.
The FBM KLCI closed 6.95 points, or 0.41%, higher at 1,698.44 after trading between an intraday low of 1,685.74 and a high of 1,703.10.
In the broader market, decliners outnumbered advancers, with 653 stocks closing lower compared with 440 gainers, resulting in a market breadth ratio of 0.67, indicating bearish sentiment remained dominant. About 3.1 billion shares worth RM2.24bil changed hands.
Plantation stocks underpinned the benchmark's gains, with the Bursa Malaysia Plantation Index rising 185.21 points, or 2.01%, to close at 9,387.52.
United Plantations led the sector higher, surging 76 sen to RM35.02. Kuala Lumpur Kepong advanced 28 sen to RM21.88, while SD Guthrie gained 21 sen to RM6.45 and Sarawak Oil Palms
rose 15 sen to RM5.15. Meanwhile, IOI Corp, Kim Loong Resources and Sarawak Plantation each climbed nine sen to close at RM4.60, RM2.79 and RM4.08, respectively.
Meanwhile, semiconductor and technology stocks led the decliners. Malaysian Pacific Industries plunged RM1.70 to RM44.30, UWC slid 29 sen to RM6.01, MI Technovation fell 16 sen to RM4.72, while UMS Integration lost 15 sen to RM8.01. Frontken and Pentamaster each shed 11 sen to close at RM4.84 and RM4.60, respectively.
On the forex market, the ringgit fell 0.07% against the US dollar to 4.0750 and edged down 0.02% against the Singapore dollar to 3.1544.
Around the region, MSCI's Asia ex-Japan stock index fell 2.37%, with most regional bourses ending lower.
Japan's Nikkei 225 fell 1.92% to 67,242.73, while South Korea's Kospi tumbled 8.95% to 6,806.93.
China's blue-chip CSI300 Index closed down 1.8% at 4,695.38, while the Shanghai Composite Index fell 2.06% to 3,913.79.
Hong Kong's Hang Seng Index bucked the regional trend to edge up 0.16% to 24,213.72, while Singapore's Straits Times Index slipped 0.11% to 5,463.12.
