KUALA LUMPUR: The FBM KLCI maintained its positive momentum, extending its rally for the fourth consecutive session. The benchmark index climbed 5.74 points, or 0.36%, to close at 1,590.91 points, with gains driven by CIMB Group Holdings and YTL-related stocks. For the week, the index recorded an impressive rise of 33.99 points, translating to a 2.18% increase.
Market Overview
Daily trading on Bursa Malaysia showcased robust activity, with 2.96 billion shares exchanged at a total value of RM2.22 billion. Advancing counters significantly outpaced decliners, with 651 gainers, 372 losers, and 502 counters remaining unchanged.
Key Movers on Bursa Malaysia
Top Gainers:
- Hong Leong Industries Bhd: Up 46 sen (+3.49%) to RM13.66.
- Fraser & Neave Holdings Bhd: Gained 34 sen (+1.31%) to RM26.20.
- Inari Amertron Bhd: Surged 29 sen (+12%) to RM2.72, boosted by expectations of increased orders from its key customer, Broadcom.
Top Losers:
- Petronas Gas Bhd: Declined 32 sen (-1.8%) to RM17.48.
- Nestle Malaysia Bhd: Fell 20 sen (-0.22%) to RM90.50.
- Petronas Dagangan Bhd: Dropped 18 sen (-0.91%) to RM19.52.
Banking Sector Highlights:
- CIMB Group Holdings Bhd: Advanced 17 sen (+2.07%) to RM8.39, contributing significantly to the index’s rise.
- Maybank: Closed unchanged at RM10.42.
- Public Bank: Remained steady at RM4.45.
Ringgit Performance and Regional Markets
The ringgit softened slightly, ending the day at 4.4375 against the US dollar, a marginal 0.05% decline. It also weakened by 0.38% against the Singapore dollar to 3.2889.
Regional Market Snapshot:
- Japan’s Nikkei 225: Down 0.72% to 38,787.02.
- Hong Kong’s Hang Seng Index: Rose 1.16% to 21,133.54.
- China’s CSI 300 Index: Advanced 1.3% to 3,892.70.
- Singapore’s Straits Times Index: Added 0.8% to 3,861.42.
Analysis: A Day of Optimism
Investors’ sentiment remained upbeat on expectations of better corporate earnings and easing external pressures. The rally in CIMB and YTL-related counters played a critical role in boosting the index. Meanwhile, the robust performance of tech stocks, exemplified by Inari Amertron’s 12% surge, reflects confidence in the electronics and semiconductor sector.
On the downside, heavyweights like Petronas Gas and Nestle experienced slight pullbacks, highlighting some profit-taking activity.
Commodity Update
Crude oil prices were also on the rise, with US West Texas Intermediate (WTI) crude gaining 52 cents to US$71.13 per barrel and Brent crude up 58 cents to US$74.87 per barrel, providing support to the broader market sentiment.