“This aligns with the global rally, as expectations that the US Federal Reserve (Fed) will soon cut rates fuelled a rush into riskier market segments,” said an analyst.

Regionally, Japan’s Nikkei 225 eased 0.43% to 41,097.69, Singapore’s Straits Times Index went up 0.05% to 3,489.57, and Hong Kong’s Hang Seng Index rose 0.06% to 17,739.41.

UOB Kay Hian Wealth Advisors head of investment research Sedek Jantan said the Bursa construction index led the market with a more than 3% increase as investors anticipated that contract awards would increase driven by public infrastructure and private projects.

The construction index jumped 11.01 points or 3.61% to 315.68.

“Looking ahead, there is an anticipation that the FTSE Bursa Malaysia KLCI (FBM KLCI) will maintain its momentum.

“This is expected to be supported by several factors such as the US Fed’s recent shift towards rate cuts, renewed interest from foreign investors, and heightened enthusiasm surrounding investment themes such as data centres and semiconductors,” he added.

Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the positive sentiment in the local market was fuelled by attractive valuations, rising investor confidence, and robust foreign buying.

“The FBM KLCI has broken the 1,630-resistance level, and should it hold above this level for an extended period, we predict additional upward potential.

“The subsequent resistance is expected in the range of 1,650-1,660, with support remaining at 1,610,” he added.

At 5pm, the FBM KLCI rose 7.58 points, or 0.47%, to 1,633.54 from yesterday’s close of 1,625.96.

The benchmark index opened 4.02 points higher at 1,629.98 and subsequently dipped to an intraday low of 1,629.89 before hitting an intraday high of 1,638.03 towards the midday break.

On the broader market, gainers trounced losers 770 to 445, with 513 counters unchanged, 720 untraded, and 6 others suspended.

Turnover swelled to 5.28 billion units worth RM3.87 billion from yesterday’s 4.66 billion units worth RM3.52 billion.

Of the heavyweights, TNB and Public Bank firmed 4 sen to RM14.50 and RM4.17, respectively, Press Metal was 1 sen higher at RM5.99, Petronas Chemicals went up 7 sen to RM6.03, CelcomDigi put on 10 sen to RM3.70, IHH Healthcare was flat at RM6.35, and Maybank fell 2 sen to RM10.08.

Among the active counters, Ekovest increased 4 sen to 55.5 sen, Berjaya Corp rose 3 sen to 38.5 sen, SNS Network jumped 8 sen to 92 sen, Censof added 1 sen to 39.5 sen, WCT gained 7 sen to RM1.23, and Velesto was flat at 23.5 sen.

On the index board, the FBM Emas Index bagged 77.68 points to 12,678.41, the FBMT 100 Index climbed 72.53 points to 12,245.66, the FBM Emas Shariah Index leaped 114.33 points to 13,086.92, the FBM 70 Index surged 169.57 points to 18,978.79, and the FBM ACE Index grew 39.14 points to 6,002.22.

Sector-wise, the energy index slipped 3.82 points to 972.38, the financial services index advanced 34.11 points to 17,935.17, the plantation index climbed 92.41 points to 7,074.71, and the industrial products and services index perked up 0.67 of-a-point to 200.79.

On a separate note, Bursa announced that Ewein Bhd will change its name to Skygate Solutions Bhd, effective 9am on July 19, 2024.

The Main Market volume increased to 3.07 billion units valued at RM3.42 billion versus yesterday’s 2.52 billion units valued at RM3.07 billion.

Warrants turnover improved to 1.27 billion units worth RM145.98 million from 1.08 billion units worth RM136.6 million yesterday.

The ACE Market volume fell to 940.04 million shares valued at RM312.69 million against 1.06 billion shares valued at RM306.73 million previously.

Consumer products and services counters accounted for 421.25 million shares traded on the Main Market; industrial products and services (647.16 million); construction (502.46 million); technology (387.99 million); SPAC (nil); financial services (87.83 million); property (366.16 million); plantation (64.91 million); REITs (17.25 million); closed/fund (23,800); energy (290.96 million); healthcare (101.09 million); telecommunications and media (37.3 million); transportation and logistics (72.23 million); utilities (72.07 million); and business trusts (6.09 million).