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The Star
3 days ago
- Business
- The Star
FBM KLCI hits three-month high in sixth winning streak
KUALA LUMPUR: The FBM KLCI extended its uptrend for the sixth consecutive session, closing at its highest level in nearly three months. At 5pm, the FBM KLCI rose 4.66 points, or 0.3%, to 1,567.90, its highest level since mid-May 2025, with 18 of the 30 constituent stocks closing higher. The index reached an intraday high of 1,572.97 and a low of 1,561.83. PETRONAS Dagangan jumped 80 sen to RM23.70, Malaysian Pacific Industries added 44 sen to RM22, Bintulu Port gained 27 sen to RM5.38 and Hong Leong Bank climbed 26 sen to RM19.60. Conversely, Nestle slid 32 sen to RM88.20, UMS Integration lost 24 sen to RM5.02, F&N fell 22 sen to RM27.78 and IJM declined 14 sen to RM2.96. Meanwhile, the ringgit was quoted at 4.2310 against the US dollar, appreciating by 0.07%, and strengthened 0.18% against the Singapore dollar to 3.2894. The local currency also rose 0.29% against the euro to 4.9143, but declined 0.06% against the pound sterling to 5.6989. Dealers said markets were encouraged after the United States and China extended their 90-day tariff truce to November, which helped cushion investor sentiment. Asia benchmark finished mostly higher. Japan's Nikkei 225 gained 2.15%, South Korea's Kospi dropped 0.53%, and Hong Kong's Hang Seng rose 0.25%. China's CSI300 added 0.52%, while the Shanghai Composite closed 0.5% higher.
The Star
3 days ago
- Business
- The Star
Selective buying lifts KLCI despite market caution
KUALA LUMPUR: The local bourse extended its midday gains as the FBM KLCI edged higher, buoyed by selective buying despite a cautious market tone. The FBM KLCI rose 2.96 points, or 0.19% to 1,566.20 after hitting an intra-morning high of 1,572.97. There were 404 gainers, 454 losers and 441 counters traded unchanged on the Bursa Malaysia. Turnover stood at 1.6 billion shares valued at RM1.06bil. Among the gainers, United Plantations rose 30 sen to RM22.30, Heineken added 30 sen to RM23.70, Bintulu Port gained 27 sen to RM5.38 and Hong Leong Bank climbed 26 sen to RM19.60. On the other hand, Nestle declined 32 sen to RM88.20, F&N fell 28 sen to RM27.72, UMS Integration lost 20 sen to RM5.06 and Country View gave up 15 sen to RM2.16. Malacca Securities said that following a slight pullback on Wall Street, profit-taking activities are expected to surface on the local front. However, it noted that the technology sector may remain in focus, supported by Apple Inc's planned US$100bil investment in the US, which could lift sentiment for Inari and Frontken. Meanwhile, TA Securities said the local market may undergo a profit-taking consolidation phase, as investors look to secure recent gains while awaiting key US economic data later this week for cues on the Federal Reserve's monetary policy outlook. 'Immediate index support stays at 1,490, with stronger support found at 1,465 followed by 1,444. 'Immediate resistance remains at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead,' it said. The US and China on Monday extended their tariff truce by 90 days, averting steep duties on Chinese goods as US retailers prepare for the year-end holiday rush. SPI Asset Management managing partner Stephen Innes said the US–China tariff game just bought itself another 90 days on the clock, and while that keeps the sledgehammer off the table for now, it's not the kind of truce that sends champagne corks flying. 'Tariffs stay locked where they are until November, a welcome pause after August's slugfest of reciprocal hikes. But the reality is the playing field hasn't been levelled — just tilted a little less steeply against Beijing after Washington quietly threw a few sandbags in the path of other exporters, too,' he said. Innes said, 'This isn't peace, it's halftime,' describing the situation as a pause where the scoreboard remains largely unchanged while both sides prepare for the next round. He added that the 'sledgehammer' has not been put away, merely set aside and awaiting use come November.
