KUALA LUMPUR: Bursa Malaysia closed at a high yesterday, supported by buying interest in utilities and petrochemical counters amid elevated crude oil prices.
At 5pm, the FBM KLCI rose 10.15 points, or 0.59%, to 1,741.61 compared with Tuesday’s close of 1,731.46.
The benchmark index opened 0.01 of a point higher at 1,731.47 and subsequently hit a low of 1,728.64 in early trade before gaining momentum for the rest of the day. Late buying drove the index to end at its high.
On the broader market, gainers beat losers 661 to 512, while 600 counters were unchanged, 1,014 untraded and 13 suspended.
Turnover increased to 3.70 billion units valued at RM3.27bil from 3.43 billion units valued at RM2.94bil on Tuesday.
An analyst said the FBM KLCI is expected to maintain its upward momentum in the near term, supported by solid domestic fundamentals, corporate earnings and sustained buying interest in defensive and commodity-related counters.
“However, elevated crude oil prices, geopolitical uncertainties and global market volatility could limit further gains and trigger bouts of profit-taking,” he said.
Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI closed higher, mainly due to gains in utilities and petrochemical stocks as crude oil prices approached US$90 per barrel.
He said the performance was broadly in line with the market’s recent trend, as investors continued to rotate into commodity-linked sectors, with elevated oil prices strengthening the earnings outlook for energy-related counters.
“This sectoral rotation has become increasingly evident over the past two months as geopolitical risks kept energy prices elevated.
“However, higher crude oil prices weighed on broader regional sentiment, with most Asian equity markets ending lower as investors reassessed the impact of elevated energy costs on inflation, interest rates and corporate earnings,” he said.
Among the heavyweights, Malayan Banking Bhd
added four sen to RM10.60, Public Bank Bhd was flat at RM5.19, CIMB Group Holdings Bhd gained three sen to RM7.92, Tenaga Nasional Bhd advanced 24 sen to RM14.58, while IHH Healthcare Bhd was unchanged at RM8.35.
On the most active list, Dagang Nexchange Bhd rose 3.5 sen to 53 sen, Nexgram Holdings Bhd perked up half a sen to six sen, Zetrix AI Bhd put on 2.5 sen to 74 sen, Top Glove Corp Bhd edged up half a sen to 66.5 sen, and VS Industry Bhd eased half a sen to 24 sen.
Among the top gainers, United Plantations Bhd rose 40 sen to RM33.60, Nestle (M) Bhd gained 30 sen to RM102.90, UMS Integration Ltd advanced 28 sen to RM8.15, Hengyuan Refining Co Bhd jumped 25 sen to RM1.95, and Petronas Chemicals Group Bhd garnered 21 sen to RM4.65.
Among the top losers, Malaysian Pacific Industries Bhd erased 60 sen to RM47.50, Hong Leong Industries Bhd slipped 34 sen to RM17.64, Ideal Capital Bhd sank 17 sen to RM3.50, THMY Holdings Bhd tumbled 15 sen to RM1.86, and Batu Kawan Bhd slid 14 sen to RM20.74. — Agencies
