Bursa Malaysia closed higher on February 23, buoyed by improved investor sentiment following the US Supreme Court’s ruling to strike down sweeping global tariffs, shifting to a more temporary and neutral framework. The FTSE Bursa Malaysia KLCI (KLCI) rose 5.15 points or 0.29% to close at 1,757.98 from Friday’s close of 1,752.83. The index opened 4.14 points higher at 1,756.97 and traded between 1,752.48 and 1,760.03 throughout the session. Trading volume widened to 2.47 billion units worth RM2.65 billion, with gainers outpacing decliners. This performance reflects optimism amid tariff relief, though intermittent volatility is expected.
Movers and Shakers
The KLCI’s advance was supported by gains in consumer goods, tech, and plantations, offsetting losses in utilities and select financials. Notable top gainers included:
- Nestle: Up RM2.70 to RM112.40 on strong consumer demand.
- Malaysian Pacific Industries (MPI): Rose 44 sen to RM31.02, benefiting from semiconductor recovery.
- United Plantations (UTDPLT): Gained 32 sen to RM30.32 amid palm oil stability.
- PPB Group: Added 30 sen to RM11.16 in consumer plays.
- KESM Industries: Increased 20 sen to RM3.05 on industrial rebound.
Top losers were limited, with utilities and energy easing: Tenaga Nasional down 10 sen to RM14.32, while actives like Tanco rose 2 sen to RM1.48 and Zetrix AI slipped 0.5 sen to 83 sen. High-volume actives included Tanco, Astro Malaysia, Zetrix AI, OCR, and Velesto. Analysts maintain a year-end target of 1,772-1,880 points, supported by reforms and earnings growth.
Policy Changes Impacting KLCI and Malaysia’s Market
Domestically, 2026 is the “year of implementation” under the Madani government, emphasizing delivery of fiscal reforms like subsidy rationalisation, tighter spending, and the New Incentive Framework launching March 1, 2026, tying manufacturing incentives to outcomes. The 13MP prioritizes digitalisation, high-value industries, and sustainability, with Budget 2026 featuring SST expansion, e-invoicing, electricity tariffs, dividend taxation, and carbon tax. GEAR-uP targets RM120 billion investments by 2028, aiding 4.0-4.5% GDP growth. OPR holds at 2.75%, with no changes expected unless shocks emerge. E-waste import ban effective February 2026 disrupts battery recycling but drives higher payables. RON95 subsidy savings projected at RM2.5 billion in 2026.
Globally, the US Supreme Court’s ruling struck down Trump’s sweeping global tariffs, shifting to a 15% temporary levy under Section 122 of the Trade Act for 150 days, reducing immediate risks and boosting sentiment. This could undermine Trump-era agreements, forcing renegotiations with China, India, and the EU. For Malaysia, exemptions insulate 60% of exports (semiconductors 40%) via the October 2025 US-Malaysia deal, though alternative tariffs under Sections 232 or 301 remain a watchpoint. IMF warns of AI hype, geopolitics (US-Iran), and inflation at 3.8%. Fed’s potential pause adds caution, but alliances cushion impacts.
Other News Potentially Impacting KLCI or Malaysia’s Market
- Q4 2025 GDP: Expanded at the fastest pace in over a year, supported by domestic demand; full data release imminent.
- Ringgit Rally: Hits 5-8 year high below RM4/USD (from RM4.4785 in Jan 2025 to RM3.9015 on Feb 20), boosting inflows and sentiment.
- Manufacturing PMI: At 20-month high of 50.2 in January 2026, signaling expansion.
- Producer Prices: Fell 2.7% in December 2025, indicating low inflation.
- Export Outlook: 2025 boom cools in 2026 amid tariffs (now 15% temporary), but E&E, AI, and Visit Malaysia 2026 provide support; risks from sectoral tariffs under Sections 232/301.
- Sector Themes: AI/data centers reinforce Malaysia as “China+1” hub; renewables M&A grows; sukuk issuance high; industrial leads property market.
- Broader Risks: Geopolitical tensions (US-Iran), Fed pauses, trade frictions, AI hype; but reforms and alliances buffer.
The KLCI shows resilience in early 2026. Reforms drive growth, though global volatility persists.
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