The FBM KLCI climbed 10.15 points, or 0.59%, to 1,741.61 on Wednesday, compared with Tuesday’s close of 1,731.46. Market breadth was positive, with 665 gainers against 509 decliners.
The rally was led by Utilities (+1.65%) and Energy (+1.62%), as crude oil prices approached US$90 per barrel, supporting commodity-linked counters. However, REITs (-0.40%) and Property (-0.26%) remained under pressure.
Market Outlook
For Malaysia, higher oil prices offer support to Energy and selected Utilities counters but could also raise inflationary pressures and weigh on broader corporate earnings if sustained. Investors remain cautious as uncertainty surrounding the Strait of Hormuz continues.
Utilities and Energy could retain momentum, while Construction may remain supported by data-centre and AI-related investment.
Technically, the FBM KLCI is testing the upper boundary of its downward-sloping channel. A sustained break above 1,760–1,770 would strengthen the bullish case. Immediate support remains at 1,720, followed by 1,700.
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