In addition to that, Bank Negara Malaysia’s (BNM) decision to maintain the overnight policy rate (OPR) at 3% is poised to encourage domestic spending and investment.
UOB Kay Hian Wealth Advisors head of investment research Sedek Jantan said the upbeat sentiment in the local bourse was also driven by steady buying interest across the board, particularly in the technology sector.
“This positive momentum was buoyed by Palantir Tech’s stronger-than-expected earnings, which showcased substantial growth in artificial intelligence-driven revenue and enhanced sentiment towards technology stocks locally.
“Leading the day’s gains among the FTSE Bursa Malaysia KLCI (FBM KLCI) components were stocks tied to data centre projects, especially within construction, metals, and utilities,” he told Bernama.
Sedek also said the resilience of the US economy, coupled with the Federal Reserve’s accommodative stance, provides ongoing reassurance to investors, supporting market stability irrespective of the political outcome in the US.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index continued its upward trajectory due to improving investor sentiment despite the mixed regional market performance.
Furthermore, BNM’s hold on the OPR at 3% provides added clarity to the local market landscape.
“Nonetheless, we maintain a cautious stance as the result of the US presidential election could alter the global geopolitical scene.
“In light of improving local market sentiment, we revise our weekly FBM KLCI target range to between 1,610 and 1,640,” he added.
At 5pm, the FBM KLCI rose 13.47 points, or 0.83%, to close at its intraday high of 1,634.17, compared with yesterday’s close of 1,620.70.
The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards towards the closing session.
Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended.
Turnover expanded to 3.39 billion units valued at RM2.92 billion versus 2.58 billion units valued at RM2.47 billion yesterday.
Among the heavyweights, Tenaga Nasional surged 30 sen to RM14.38, CIMB Group gained eight sen to RM8.20, Maybank and Public Bank added six sen each to RM10.60 and RM4.49, while IHH Healthcare fell five sen to RM7.26.
Among the actives, ACE Market debutant 3Ren surged 11.5 sen to 39.5 sen, Genetec Technology gained 26 sen to 95 sen, Top Glove increased eight sen to RM1.16, MyEG Services rose four sen to 88.5 sen, and Cape EMS perked up 0.5 sen to 36.5 sen.
On the index board, the FBM Emas Index climbed 153.58 points to 12,380.82, the FBMT 100 Index advanced 141.95 points to 12,080.77, the FBM Emas Shariah Index surged 171.4 points to 12,356.21, the FBM 70 Index soared 368.73 points to 18,105.49, and the FBM ACE Index rose 116.67 points to 5,185.75.
Sector-wise, the financial services index garnered 159.35 points to 19,326.88 and the industrial products and services index added 3.17 points to 175.48.
The energy index, however, decreased by 1.16 points to 836.19 and the plantation index slipped by 0.49 of-a-point to 7,611.94.
The Main Market volume advanced to 1.85 billion units worth RM2.53 billion from yesterday’s 1.34 billion units worth RM2.16 billion.
Warrants turnover climbed to 796.39 million units valued at RM117.51 million from 783.54 million units valued at RM134.61 million previously.
The ACE Market volume surged to 743.69 million units worth RM272.67 million versus 463.49 million units worth RM171.97 million yesterday.
Consumer products and services counters accounted for 246.84 million shares traded on the Main Market, industrial products and services (391.74 million), construction (100.95 million), technology (416.08 million), SPAC (nil), financial services (71.92 million), property (167.53 million), plantation (71.72 million), REITs (17.28 million), closed/fund (17,600), energy (87.11 million), healthcare (145.55 million), telecommunications and media (37.68 million), transportation and logistics (41.22 million), utilities (59.06 million), and business trusts (3,100).