KUALA LUMPUR — Shares on Bursa Malaysia closed broadly higher, with buying mainly in the construction, properties, utilities, and technology sectors, analysts said.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.63% or 9.95 points to 1,574.51, compared with Tuesday’s close of 1,564.56.
The benchmark index, which opened 1.07 points higher at 1,565.63, moved between 1,564.43 and 1,576.45 throughout the day.
On the broader market, gainers outnumbered decliners 622 to 345, while 493 counters were unchanged, 840 untraded, and 10 suspended.
Turnover improved to 2.86 billion units worth RM2.32 billion, compared with 2.23 billion units valued at RM2.05 billion on Tuesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said, however, the key regional markets saw mixed performances at the close, reflecting investor uncertainty over the economic impact of new US-China tariffs.
Back home, the online equities broker said it is cautiously optimistic about the local market, as the US trade war could heighten market volatility and dampen investor confidence.
Nevertheless, the valuation of FBM KLCI remains attractive, accompanied by the improving economic conditions.
“We suggest investors focus more on blue-chip stocks while maintaining a well-diversified portfolio to mitigate risks. The benchmark index must break above the resistance at 1,590 and maintain that level longer to regain bullish momentum.
“As such, we anticipate the FBM KLCI to trend within the 1,560-1,590 range for the rest of the week,” he said.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI’s positive performance was also supported by bargain hunting in data center-related stocks.
However, trading volume remained weak as investors stayed cautious, awaiting further developments on US President Donald Trump’s tariff policies.
Gains in the index were led by the construction and utilities sectors, both rebounding more than 3%, he said.
On the global trade front, Mohd Sedek said the tariffs on China appear less disruptive to US consumers and producers than those imposed on Canada and Mexico, giving Trump greater flexibility in negotiations.
“Trump has indicated that he is in no hurry to engage with China’s President Xi Jinping. While these tariffs could indirectly impact China’s trade partners in Asia, the effects remain manageable.
“More importantly, this situation could create new opportunities for Asian economies to strengthen trade ties with the US,” he added.
Among the heavyweights, Gamuda climbed 20 sen to RM4.38, YTL Power International rose 13 sen to RM3.17, and YTL Corporation added 7.0 sen to RM1.95. Public Bank perked up 4.0 sen to RM4.44, and Press Metal Aluminium gained 6.0 sen to RM4.98.
For the most active stocks, TWL and Harvest Miracle Capital were both flat at 2.5 sen and 19.5 sen respectively, Oriental Kopi eased half a sen to 89.5 sen, MYEG gained 1.0 sen to 97 sen, and Nationgate was 11.0 sen better at RM1.95. — February 5, 2025