KUALA LUMPUR: The FBM KLCI extended its gains in the early session to top the 1,700 psychological level amid a rally in commodity and financial blue chips.
While regional markets were mostly subdued on escalating geopolitical tensions in the Gulf and a surge in crude oil prices, Malaysia's benchmark index put on 14.72 points to 1,713.16.
PETRONAS Chemicals jumped 35 sen to RM4,70, PETRONAS Gassurged 42 sen to RM17.88 and PETRONAS Dagangan added 14 sand to RM19.36.
Aluminium producer Press Metal
, meanwhile, climbed 18 sen to RM7.03.
Traders continued to buy up heavyweight banks, including Maybank up six sen to RM11, CIMB gaining four sen to RM7.73, Public Bank adding seven sen to RM4.99 and Hong Leong Bank putting on 18 sen to RM22.06.
The buying interest in Malaysia's blue chips failed to spill over to the broader market as the declining issues outnumbered advancing 381 to 217. Trading volume was 2.02 billion shares changing hands for RM1.16bil.
Sectors that weighed on the market included technology shares, slumping 1.55% in line with the volatility the global AI-driven stocks, telcos, falling 1.23%, and construction, shedding 0.57%.
The leading positive sectors were utilities, jumping 0.63%, financials, adding 0.58%,and plantations, rising 0.56%. REITs rose 0.17%.
Of the leading actives, Tanco rose 3.5 sen to 27.5 sen, Velesto dropped 1.5 sen to 27 sen and vinvest shed 1.5 sen to 1.5 sen.
Regionally, stock markets were mostly underwater, sunk by a surge in crude oil prices that hovered just below the US$85 a barrel mark, its highest since mid-June.
Traders grew wary of inflationary pressure arising from the energy supply disruption, and the prospect of more central bank rate hikes.
South Korea's Kospi dropped 1.67% to 6,693 amid weaker expectations for semiconducator stocks, while Japan's Nikkei fell 0.2% to 67,107.
The Shanghai Composite index slid 0.66% to 3,887 and the CSI300 dropped 0.39% to 4,677.
Hong Kong Hang Seng shed 0.47% to 24,099.
