Bursa Malaysia settles higher thanks to morning rally
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.30 per cent, or 4.66 points, to 1,567.90 from Monday's close of 1,563.24.
Market breadth was positive, with 513 gainers outpacing 477 losers, while 507 counters were unchanged.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the morning rally briefly lifted the index to 1,572.42 points.
This was driven by optimism after US President Donald Trump announced a 90-day extension to the suspension of higher tariffs on Chinese goods, extending the reprieve into early November.
"In our view, investors are beginning to see the market as less disorderly, with a measure of improved policy clarity following incremental progress in US trade negotiations.
"However, momentum moderated after the midday break, with the index paring earlier gains but still finishing above its opening level.
"The six-day winning streak reflects renewed investor interest in Malaysian equities, supported by the fiscal and policy impetus from the 13th Malaysia Plan and the recent reduction in US tariffs from 25 per cent to 19 per cent," he said.
Sedek noted that among FBM KLCI constituents, consumer and plantation stocks were the main drivers of the gains, while telecommunications counters trailed.
He said 11 index components recorded gains of over one per cent in today's session, reflecting selective strength even though the broader index ended largely unchanged.
"The softer afternoon tone was largely the result of profit-taking, as market participants locked in gains after a strong run that had already delivered meaningful returns," he added.
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