Bursa Malaysia Gains
Bursa Malaysia Rises 0.39% on Banking and Telco Buying Amid Mixed Regional Markets
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Key Points
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By the close, losers outnumbered gainers 611 to 488, with 580 counters unchanged, 1,109 untraded and 25 suspended. Turnover fell to 3.60 billion units worth RM2.45 billion, from 4.33 billion units worth RM2.98 billion on Friday.
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Foreign funds recorded RM870 million in net outflows for the week, contributing to selling pressure that pushed the FBM KLCI below the 1,710 level during the session.
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The US 10-year Treasury yield rose to 4.784% after stronger-than-expected US jobs data increased expectations that the Federal Reserve could raise rates at its mid-September FOMC meeting.
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Escalating tensions between the United States and Iran helped keep Brent crude near US$97 a barrel, adding to concerns about inflationary pressure and market risk appetite.
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Among the listed heavyweights, PPB Group gained 11 sen to RM9.95, Maxis rose four sen to RM3.63, CelcomDigi added three sen to RM2.73 and Hong Leong Bank increased 22 sen to RM23.88.
Bursa Malaysia's benchmark FTSE Bursa Malaysia KLCI rose 6.69 points, or 0.39%, to close at 1,714.79 on September 7, KLS Screener reported. Buying in banking and telecommunications stocks drove the gain, though the broader market stayed negative with losers outnumbering gainers 611 to 488.
Trading volume fell sharply to 3.60 billion units worth RM2.45 billion from RM2.98 billion the prior session. Foreign investors pulled out RM870 million for the week, KLS Screener said, adding downward pressure that briefly pushed the index below 1,710 during the day.
Banking and Telco Stocks Anchor Market Rally
PPB Group led gainers with an 11-sen jump to RM9.95, while telecommunications stocks showed consistent strength. KLS Screener noted Maxis climbed four sen to RM3.63, CelcomDigi added three sen to RM2.73, and Hong Leong Bank surged 22 sen to RM23.88, providing the day's main support.
China's Bank Boost and AI Enthusiasm Lift Sentiment
China's announced 360 billion yuan capital injection for state-owned banks and insurers helped steady regional sentiment, KLS Screener reported. Technology stocks also benefited from renewed excitement around artificial intelligence, though broader weakness in the overall market limited momentum.
Oil Prices and US Yields Threaten Further Gains
Brent crude hovered near US$97 a barrel due to escalating US-Iran tensions, fueling inflation concerns. The US 10-year Treasury yield climbed to 4.784% after stronger-than-expected US jobs data raised the odds of a Federal Reserve rate hike at mid-September, KLS Screener said, threatening to cap market upside.
Range-Bound Trading Likely as Risks Mount
Analysts expect the KLCI to stay range-bound in the near term as foreign outflows, elevated crude prices, and higher US yields weigh on investor appetite. KLS Screener flagged that ongoing developments in West Asia, global bond yields, and upcoming US inflation data will be critical watch points for direction.
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