KUALA LUMPUR, July 23 — Bursa Malaysia snapped a three-day pullback to close 0.18 per cent higher on Thursday, as surge in global oil prices supported Malaysia’s energy-related companies, while utilities attracted investors seeking defensive earnings amid persistent global uncertainties.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.22 points to 1,714.59 from Wednesday’s close of 1,711.37.

The benchmark index opened 3.01 points higher at 1,714.38, and moved between 1,709.05 and 1,716.43 throughout the day.

On the broader market, decliners outnumbered advancers 599 to 415, while 600 counters were unchanged, 1,138 untraded, and 23 suspended.

Turnover narrowed to 3.19 billion units valued at RM2.27 billion from 3.43 billion units valued at RM2.50 billion on Wednesday.

IPPFA Sdn Bhd’s director and country economist Mohd Sedek Jantan said the FBM KLCI edged slightly higher as buying interest in oil and gas and utilities stocks offset weakness in selected large-cap counters, reflecting a gradual improvement in market sentiment. 

“Although regional markets were buoyed by a rebound in technology stocks on renewed optimism surrounding artificial intelligence, Bursa Malaysia’s gains remained more measured due to the benchmark’s relatively lower exposure to technology and greater concentration in banking and defensive sectors,” he said.

Going forward, Berjaya Research Sdn Bhd head of research Kenneth Leong expects the FBM KLCI to enter a period of consolidation following its recent rebound, as investors adopt a more cautious stance amid lingering external uncertainties.

He said near-term sentiment is likely to be shaped by ongoing geopolitical developments in West Asia, particularly their impact on crude oil prices.

“On-going US corporate earnings season will be closely watched for further clues on the strength of corporate fundamentals and the broader economic outlook. Elevated geopolitical risks and earnings-related volatility may keep market sentiment guarded in the near term. 

“Technically, the key index has formed a doji candlestick and is attempting to find stability, with the immediate resistance remaining at 1,735 points, followed by 1,740 points,” he said, adding that near-term supports are pegged at 1,700 points and 1,680 points, respectively.

Among heavyweight stocks, Maybank was eight sen lower at RM10.86, while Public Bank gained two sen to RM5.17, Tenaga Nasional firmed 22 sen to RM14.50, CIMB ticked up seven sen to RM7.73, and IHH Healthcare gained six sen to RM8.39.

Among active stocks, AIMAX and Zetrix AI were half-a-sen lower each to one sen and 71 sen, respectively, while Tanco lost 3.5 sen to 27 sen, VS Industry slid one sen to 25 sen, and Pegasus Heights was flat at half a sen.

Among the top gainers, Panasonic Manufacturing rose 33 sen to RM5.99, Ornapaper soared 22.5 sen to 87.5 sen, Sarawak Plantation gained 17 sen to RM4.49, Sunway Construction and UMS Integration added 15 sen each to RM7.73, and RM8.05, respectively.

Decliners were led by Malaysian Pacific, which fell RM1.58 to RM46.18, United Plantations dipped 94 sen to RM33.10, Nestle slipped 32 sen to RM91.20, Kuala Lumpur Kepong shed 26 sen to RM20.66, and Malayan Cement lost 19 sen to RM6.14. 

Among the broader indices, the FBM Emas Index was 1.77 points higher at 12,657.73, the FBM Top 100 Index advanced 1.89 points to 12,481.86, and the FBM ACE Index improved 8.06 points to 4,969.08.

The FBM Emas Shariah Index shed 1.41 points to 12,496.28 and the FBM Mid 70 Index decreased by 89.46 points to 17,867.35.

By sector, the Financial Services Index put on 3.60 points to 20,210.71, the Industrial Products and Services Index perked up 0.40 of a point to 188.76, while the Plantation Index tumbled 80.97 points to 9,240.27, and the Energy Index gave up 0.27 of a point to 774.14.

The Main Market volume declined to 1.84 billion units valued at RM2.02 billion compared to 1.94 billion units valued at RM2.22 billion on Wednesday.

Warrants turnover slipped to 902.43 million units worth RM117.01 million versus 970.20 million units worth RM130.98 million previously.

The ACE Market volume shrank to 449.60 million units valued at RM132.47 million from 520.43 million units valued at RM151.15 million yesterday.

Consumer products and services counters accounted for 150.63 million shares traded on the Main Market, industrial products and services (334.27 million), construction (99.95 million), technology (596.67 million), financial services (54.03 million), property (276.35 million), plantation (34.67 million), real estate investment trusts (23.58 million), closed-end fund (313,900), energy (131.27 million), healthcare (47.96 million), telecommunications and media (21.32 million), transportation and logistics (42.39 million), utilities (27.56 million), and business trusts (41.700). — Bernama