Most major Asian indices also ended in the green, buoyed by easing concerns surrounding US President Donald Trump’s tariff plans, said an analyst.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said buying interest was largely concentrated in technology counters, as the focus shifted to China’s artificial intelligence (AI) progress and expectations of further economic support from Beijing.
He said investors would be closely watching Friday’s (March 28) US Personal Consumption Expenditures (PCE) price index for new insights into where the Federal Reserve (Fed) may guide interest rates in the near term.
“While sentiment has improved slightly, we continue to take a cautious stance on the local front, recognising the diversity of investor outlooks,” Thong said.
He said the FTSE Bursa Malaysia KLCI (FBM KLCI) appears to be consolidating with mild bullishness.
“If the benchmark index can hold above 1,520 on strong volume, we see potential for an advance towards 1,549-1,570.
“Until a breakout materialises, we keep our base case range at 1,500-1,530,” Thong told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said investors were increasingly gravitating towards telecommunications equities, lured by their attractive risk-reward dynamics, a prudent move in the current climate of elevated market volatility.
“Furthermore, the high-profile merger of key telecommunications operators in Indonesia has injected fresh impetus, reigniting sector interest and lifting sentiment.
“This structural shift is poised to draw incremental capital inflows and buttress market confidence moving forward,” said Sedek.
On the external front, he noted that investors would closely monitor policy shifts and macroeconomic indicators to assess the durability of market sentiment.
At 5pm, the FBM KLCI rose by 0.29%, or 4.45 points, to 1,518.05 from yesterday’s close of 1,513.60.
The benchmark index opened 3.10 points higher at 1,516.61 and moved between 1,514.65 and 1,525.73 throughout the trading session.
On the broader market, decliners outpaced gainers 428 to 398, while 481 counters were unchanged, 1,162 untraded, and 46 suspended.
Turnover edged down to 3.11 billion units valued at RM2.46 billion from 3.12 billion units worth RM2.50 billion yesterday.
Bursa Malaysia heavyweights, Axiata increased nine sen to RM1.87, Maxis rose 10 sen to RM3.36, Public Bank and CelcomDigi perked up three sen each to RM4.47 and RM3.48 respectively, while CIMB added four sen to RM7.04.
As for the actives, ACE Market debutant Chemlite Innovation declined two sen to 23 sen, Reneuco fell 0.5 sen to 4.5 sen, Pertama Digital fell two sen to 13.5 sen, while Nationgate and Genting Malaysia slid four sen each to RM1.34 and RM1.70 respectively.
On the index board, the FBM Emas Index garnered 25.82 points to 11,377.32, the FBMT 100 Index gained 26.02 points to 11,134.44, and the FBM Emas Shariah Index increased 33.64 points to 11,123.84.
The FBM 70 Index climbed 11.91 points to 16,318.47 while the FBM ACE Index fell 13.97 points to 4,731.83.
Sector-wise, the financial services index jumped 58.21 points to 18,481.98, the industrial products and services index slid 0.26 of-a-point to 153.06, the plantation index added 16.58 points to 7,454.25, and the energy index shed 1.84 points to 752.74.
The Main Market volume decreased to 1.22 billion units worth RM2.07 billion from 1.35 billion units valued at RM2.18 billion yesterday.
Warrants turnover improved to 1.51 billion units valued at RM261.42 million against 1.41 billion units worth RM224.60 million yesterday.
The ACE Market volume expanded to 370.39 million units worth RM123.36 million from 349.96 million units valued at RM101.92 million previously.
Consumer products and services counters accounted for 174.10 million shares traded on the Main Market, industrial products and services (216.15 million), construction (93.49 million), technology (117.25 million), SPAC (nil), financial services (115.82 million), property (110.93 million), plantation (22.19 million), REITs (11.23 million), closed/fund (68,400), energy (129.48 million), healthcare (58.94 million), telecommunications and media (61.95 million), transportation and logistics (28.84 million), utilities (83.27 million), and business trusts (183,400).