UOB Kay Hian Wealth Advisors head of investment research Sedek Jantan said the utility sector index gained 1.8%, bolstered by earnings announcements from key players in the sector.
“The market strength was also evident in the FBM Small Cap, FBM Mid Cap, and FBM ACE indices but some sectors fell due to late selling,” he noted.
“Looking ahead, market participants are shifting their focus to a series of pivotal US economic data releases later today, including the personal consumption expenditures (PCE) index, personal income and spending figures, and the revised estimate for third-quarter (Q3) gross domestic product (GDP).
He noted that the October PCE report is expected to highlight persistent inflationary pressures, with core PCE projected to rise 0.3% month-on-month and headline PCE likely increasing by 0.2%, mirroring September’s figures.
On a year-on-year basis, core PCE is forecast to edge up to 2.8% from 2.7%, while overall PCE is anticipated to rise to 2.3% from 2.1%, indicating that inflation remains above the US Federal Reserve’s (Fed) 2% target.
“Persistently high inflation could reinforce the case for maintaining the current pause in rate hikes at the Fed’s upcoming meeting,” he said, adding that the Q3 GDP estimate is expected to hold steady at 2.8%.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said closer to home, a narrow decline in China’s industrial profits by 10% in October compared to the 27.1% plunge in September may help to lend some support.
Hence, he expects the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend between 1,585 and 1,615 for the remainder of the week.
At 5pm, the FBM KLCI rose 1.10 points to 1,604.25 from yesterday’s close of 1,603.15.
The benchmark index opened 1.81 points lower at 1,601.34 and moved between 1,600.83 and 1,609.41 throughout the day.
Market breadth was positive as advancers beat decliners 590 to 480, while 494 counters remained unchanged, 893 untraded and 44 suspended.
Turnover expanded to 3.19 billion units valued at RM2.96 billion versus 2.54 billion units valued at RM2.37 billion yesterday.
Heavyweights YTL Power garnered 22 sen to RM3.42, YTL Corp was 14 sen higher at RM2.09 and RHB Bank bagged 11 sen to RM6.78.
In contrast, KLK fell RM1.12 to RM20.50 and Petronas Chemicals shaved 12 sen to RM4.73.
Among the active stocks, Genetec Technology soared 29.5 sen to RM1.17, MBSB rose 2 sen to 74.5 sen, JCY International added 5 sen to 40.5 sen, Globetronics expanded 6 sen to 59 sen, and Cape EMS slid 0.5 sen to 35.5 sen.
On the index board, the FBM Emas Index gained 20.02 points to 12,190.97, the FBMT 100 Index ticked up 11.18 points to 11,887.55, the FBM 70 Index increased 28.06 points to 17,918.91, and the FBM ACE Index climbed 39.49 points to 5,178.74.
The FBM Emas Shariah Index fell by 17.94 points to 12,112.42.
Sector-wise, the financial services index rose 37.28 points to 19,236.84, while the plantation index shrank 51.32 points to 7,481.33, the energy index slid 2.44 points to 818.69, and the industrial products and services index lost 0.63 of-a-point to 171.69.
The Main Market volume widened to 1.7 billion units worth RM2.69 billion against yesterday’s 1.22 billion units worth RM2.15 billion.
Warrants turnover swelled to 1.06 billion units valued at RM108.26 million from 815 million units valued at RM94.54 million previously.
The ACE Market volume slipped to 427.73 million units worth RM164.19 million compared with 507.51 million units worth RM131.65 million yesterday.
Consumer products and services counters accounted for 222.01 million shares traded on the Main Market, industrial products and services (288.2 million), construction (110.4 million), technology (403.55 million), SPAC (nil), financial services (150.41 million), property (156.05 million), plantation (49.25 million), REITs (13.04 million), closed/fund (4,000), energy (94.4 million), healthcare (59.71 million), telecommunications and media (19.75 million), transportation and logistics (21.64 million), utilities (114.35 million), and business trusts (11,300).