Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices also trended higher, thanks to strong earnings from technology companies.
Taiwan Semiconductor Manufacturing Company’s (TSMC) second quarter (Q2) earnings soared nearly 61% year-on-year to a new record, fuelled by sustained strength in artificial intelligence (AI) chip demand.
However, the Japanese stocks were on a downtrend as inflation data came in slightly higher than expected.
Thong said sentiment remained fragile for the local bourse as the index failed to recapture the 1,530 level.
“Investors are also reluctant to hold long positions due to many external uncertainties,” he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research Sedek Jantan said the closing performance by the FTSE Bursa Malaysia KLCI (FBM KLCI) was, however, insufficient to lift the index into positive territory on a weekly basis.
On a Friday-to-Friday comparison, he noted the index registered a marginal decline of 0.66%.
In today’s session, industrial products led the gainers, supported by an improving economic outlook for Malaysia, which appears to have alleviated investor concerns over potential economic headwinds stemming from uncertain trade policies and ongoing geopolitical risks.
Commenting on the gross domestic product (GDP), the data released today showed Malaysia’s advance estimate for second-quarter GDP coming in at 4.5%, slightly ahead of its projection of 4.3%, reinforcing the resilience of the domestic economy despite persistent external challenges.
“The improved sentiment was further buoyed by stronger-than-expected US macroeconomic data overnight.
“Notably, US retail sales rose by 0.6% in June, while initial jobless claims fell for the fifth consecutive week to their lowest level since mid-April – both signalling sustained strength in the American labour market,” Sedek said.
At 5pm, the FBM KLCI rose 4.92 points or 0.32% to 1,525.86 from yesterday’s close of 1,520.94.
The benchmark index opened 2.03 points higher at 1,522.97 and moved between 1,522.97 and 1,529.52 throughout the trading session.
The market breadth was positive, with 621 gainers against 393 decliners and 511 counters unchanged, while 933 were untraded and eight suspended.
Turnover improved slightly to 3.18 billion shares worth RM2.81 billion, compared with 3.17 billion shares valued at RM2.48 billion yesterday.
Of the heavyweight stocks, Public Bank and Press Metal Aluminium rose 6 sen each to RM4.31 and RM5.13 respectively, Gamuda gained 18 sen to RM5.33, Sunway added 7 sen to RM5.06, and IHH Healthcare was up 4 sen to RM6.57.
Among the most active stocks, ACE Market debutant Enproserve Group was 2.5 sen higher at 26.5 sen, NexG added 0.5 sen to 49.5 sen, Zetrix AI and Tanco gained 1 sen each to 94.5 sen and 91 sen respectively, and iCents advanced 2 sen to 36 sen.
On the index board, the FBM Emas Index expanded by 54.66 points to 11,479.83, the FBMT 100 Index gained 53.32 points to 11,241.69, and the FBM Emas Shariah Index advanced 63.90 points to 11,537.87.
The FBM 70 Index leapt 153.68 points to 16,697.72 and the FBM ACE Index went up 35.81 points to 4,671.79.
Sector-wise, the financial services index increased 52.48 points to 17,354.83, the industrial products and services index was 1.39 points firmer at 155.38, the energy index inched up 0.02 of a point to 739.13, and the plantation index bagged 11.35 points to 7,441.89.
The Main Market volume widened to 1.50 billion units valued at RM2.46 billion from 1.28 billion units worth RM2.08 billion yesterday.
Warrants turnover fell to 1.22 billion units worth RM165.20 million from 1.38 billion units valued at RM207.39 million previously.
The ACE Market volume reduced to 466.10 million units valued at RM188.24 million, versus 512.88 million units worth RM192.81 million yesterday.
Consumer products and services counters accounted for 176.03 million shares traded on the Main Market; industrial products and services (200.71 million), construction (231.31 million), technology (265.90 million), SPAC (nil), financial services (82.09 million), property (243.06 million), plantation (13.82 million), REITs (29.73 million), closed-end fund (13,000), energy (63.34 million), healthcare (102.26 million), telecommunications and media (28.96 million), transportation and logistics (23.14 million), utilities (39.81 million), and business trusts (10,800).