KUALA LUMPUR: Bursa Malaysia snapped a three-day pullback to close 0.18% higher on Thursday, as a surge in global oil prices supported Malaysia’s energy-related companies, while utilities attracted investors seeking defensive earnings amid persistent global uncertainties. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.22 points to 1,714.59 from yesterday's close of 1,711.37. The benchmark index opened 3.01 points higher at 1,714.38 and moved between 1,709.05 and 1,716.43 throughout the day.
On the broader market, decliners outnumbered advancers 599 to 415, while 600 counters were unchanged, 1,138 untraded, and 23 suspended. Turnover narrowed to 3.19 billion units valued at RM2.27 billion from 3.43 billion units valued at RM2.50 billion on Wednesday. IPPFA Sdn Bhd's director and country economist Sedek Jantan said the FBM KLCI edged slightly higher as buying interest in oil and gas and utilities stocks offset weakness in selected large-cap counters, reflecting a gradual improvement in market sentiment.
“Although regional markets were buoyed by a rebound in technology stocks on renewed optimism surrounding artificial intelligence, Bursa’s gains remained more measured due to the benchmark’s relatively lower exposure to technology and greater concentration in banking and defensive sectors,” he said. Going forward, Berjaya Research Sdn Bhd head of research Kenneth Leong expects the FBM KLCI to enter a period of consolidation following its recent rebound, as investors adopt a more cautious stance amid lingering external uncertainties. He said near-term sentiment is likely to be shaped by ongoing geopolitical developments in West Asia, particularly their impact on crude oil prices.
“The ongoing US corporate earnings season will be closely watched for further clues on the strength of corporate fundamentals and the broader economic outlook. Elevated geopolitical risks and earnings-related volatility may keep market sentiment guarded in the near-term. “Technically, the key index has formed a doji candlestick and is attempting to find stability, with the immediate resistance remaining at 1,735 points, followed by 1,740 points,” he said, adding that near-term supports are pegged at 1,700 points and 1,680 points, respectively.
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