Bursa Malaysia trends higher, boosted by PETRONAS-linked stocks

The Star

02-07-2025

KUALA LUMPUR: Bursa Malaysia trended higher in early trade on Wednesday, supported by gains in the energy sector, particularly PETRONAS-linked stocks, following a weaker start to the day.
The FBM KLCI rose 2.99 points, or 0.19% to 1,544.52 at 9.16 am. It opened 1.8 points lower at 1,539.73 earlier.
PETRONAS Dagangan and PETRONAS Gas rose 18 sen each to RM21.44 and RM17.68 respectively. Tong Herr Resources gained 14 sen to RM1.65 and MISC added 11 sen to RM7.66.
F&N lost 30 sen to RM28.78, QL fell 10 sen to RM4.58, ViTrox declined nine sen to RM3.63 and Kuala Lumpur Kepong eased eight sen to RM21.
Berjaya Research Sdn Bhd said that near-term market conditions remain positive and may nudge the key index higher, supported by mild bargain-hunting activities in some of the beaten-down sector leaders.
As such, the research house said the portfolio realignment exercise could extend. However, the potential upsides may remain relatively modest due to the prevailing low market participation rate, with few noteworthy leads, which has left many market players on the sidelines.
'Investors are on the lookout for more clues on the U.S. tariffs but with the exemptions expiring next week, there is still little progress on the trade negotiations thus far.
'Meanwhile, the key index is at its 1,541 hurdle and the targets are now at the 1,544-1,548 levels, followed by the psychological level of 1,550 points.
'The supports, on the other hand, are at 1,535 points and 1,527 points respectively,' Berjaya Research said.
Meanwhile, Rakuten Trade noted that the FBM KLCI closed higher on Tuesday, attributing the rise to some accumulation by foreign funds.
'It is interesting to see that net foreign inflows have already taken place over the past few days.
'Therefore, we expect the index to hover between the 1,540-1,550 range today,' it added.