KUALA LUMPUR: The FBM KLCI closed higher on Friday, supported by gains in selected plantation heavyweights despite broad market weakness and a regional sell-off.
At 5pm, the 30-stock index rose 4.44 points, or 0.27%, to close at 1,615.60, trading within a 14.04-point range between an intraday high of 1,620.76 and a low of 1,606.72.
For the week, the benchmark index gained 4.04 points, or 0.25%, from 1,611.56 last Friday.
However, it fell 35.57 points, or 2.15%, in October from 1,651.17 at end-September.
Market breadth was negative, with 648 losers outpacing 430 gainers, while 501 counters were unchanged. Trading volume stood at 3.152 billion shares worth RM2.680bil.
Dealers said month-end portfolio rebalancing and selective buying in heavyweights helped lift the benchmark index, while concerns over stretched artificial intelligence-related valuations weighed on broader market sentiment.
Among the gainers, Kuala Lumpur Kepong rose 44 sen to RM20.96, Ayer Holdings
gained 35 sen to RM8.10, APM Automotive added 25 sen to RM2.60 and United Plantations climbed 22 sen to RM29.22.
Technology and semiconductor stocks dominated the losers, led by Malaysian Pacific Industries, which plunged RM1.72 to RM39.78, UWC shed 49 sen to RM7.15, Mi Technovation fell 33 sen to RM6.53, Pentamaster declined 22 sen to RM5.67 and UMS Integration lost 19 sen to RM7.50.
Other losers included British American Tobacco, which fell 40 sen to RM3.74, Hong Leong Bank shed 26 sen to RM21.14 and Allianz declined 16 sen to RM19.48.
On the forex market, the ringgit strengthened 0.10% against the US dollar to 4.0554, after earlier hitting 4.0460, its strongest level in nearly two months.
However, the local currency weakened 0.23% against the Singapore dollar to 3.1757, 0.43% against the euro to 4.5399 and 0.71% against the pound sterling to 5.4422.
According to Bursa Malaysia data, foreign investors and retailers were net buyers of local equities at RM37mil and RM101mil, respectively, yesterday, while local institutions were net sellers at RM139mil.
Meanwhile, oil prices rose on Friday, heading for a fourth straight monthly gain as a tanker attack in the Strait of Hormuz heightened supply concerns, Reuters reported.
Brent crude rose US$2.20, or 1.92%, to US$117.08 a barrel while US West Texas Intermediate crude was at US$103.85 per barrel, up US$1.85 or 1.81%.
Across the region, MSCI's Asia ex-Japan index fell 1.4%, with most major markets closing lower. Among regional markets:
Japan’s Nikkei 225 fell 2.12% to 63,290.11;
Hong Kong’s Hang Seng Index rose 1.46% to 23,294.42;
China’s CSI300 Index declined 1.39% to 3,985.50;
Taiwan’s Taiex plunged 2.49% to 45,211.83;
South Korea’s Kospi tumbled 3.48% to 5,730.74; and
Singapore’s Straits Times Index lost 0.4% to 5,373.88.
