Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FTSE Bursa Malaysia KLCI (FBM KLCI) closed higher as bargain-hunting activities continued following the recent sell-off.
“Regional equity markets also advanced, driven by easing investor concerns after the US administration announced a temporary tariff exemption on electronic imports from China, which boosted technology-linked stocks,” he told Bernama.
On the local front, Thong said the tariff exemption is seen as a short-term relief.
“Nonetheless, investors appear to be filtering out short-term uncertainties, anticipating that ongoing negotiations will lead to more favourable terms,” he added.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said the local market may have touched its bottom last week.
“However, sustained upward momentum will hinge on the clarity of US-China trade negotiations and further developments in global monetary policies,” he added.
At 5pm, the FBM KLCI rose 26.10 points to end at its intraday high of 1,480.86, compared to Friday’s close of 1,454.76.
The benchmark index opened 19.29 points higher at 1,474.05 and dipped to a low of 1,472.14, before resuming its uptrend thereafter.
In the broader market, gainers thumped decliners 798 to 248, while 359 counters were unchanged, 978 counters untraded, and nine others suspended.
Turnover rose to 2.99 billion units valued at RM2.06 billion from 2.80 billion units valued at RM2.46 billion last Friday.
Among the heavyweights, Tenaga Nasional jumped 16 sen to RM13.38, Maybank and Public Bank added 7 sen each to RM9.89 and RM4.31, and CIMB Group gained 8 sen to RM6.73
Meanwhile, IHH Healthcare slipped 2 sen to RM6.78.
Among the actives, MyEG Services and T7 Global climbed 2.5 sen each to 92.5 sen and 28.5 sen, Ekovest added 4 sen to 32.5 sen, Inari Amertron advanced 12 sen to RM1.78, and NationGate increased 2 sen to RM1.25.
On the index board, the FBM Emas Index surged 189.68 points to 10,999.76, the FBMT 100 Index climbed 183.44 points to 10,785.11, the FBM Emas Shariah Index advanced 214.63 points to 10,819.54, the FBM 70 Index soared 237.22 points to 15,503.15, and the FBM ACE Index improved 112.55 points to 4,524.74.
Sector-wise, the financial services index jumped 220.62 points to 17,755.15, the industrial products and services index rose 4.06 points to 143.49, the energy index strengthened 7.32 points to 656.06, and the plantation index rose147.80 points to 7,210.33.
The Main Market volume was flat at 1.44 billion units worth RM1.81 billion from 1.44 billion units worth RM2.25 billion on Friday.
Warrants turnover rose to 1.23 billion units valued at RM141.70 million from 969.44 million units valued at RM96.46 million last week.
The ACE Market volume shrank to 312.55 million units worth RM107.20 million from 382.27 million units worth RM117.12 million previously.
Consumer products and services counters accounted for 150.30 million shares traded on the Main Market, industrial products and services (212.03 million), construction (134.27 million), technology (281.57 million), SPAC (nil), financial services (89.56 million), property (190.51 million), plantation (25.11 million), REITs (9.82 million), closed/fund (68,500), energy (178.39 million), healthcare (65.51 million), telecommunications and media (26.47 million), transportation and logistics (20.11 million), utilities (60.01 million), and business trusts (6,900).