KUALA LUMPUR: The FBM KLCI started with a slight retracement following Wall Street's positive performance but remained firmly below the 1,600-point psychological level.
Overnight, Wall Street ended higher as initial concerns over Nvidia’s revenue outlook faded, with the company assuring investors of strong demand for its new product lineup, potentially fuelling another rally.
The Dow Jones Industrial Average rose 1.06% to 43,870.35, the S&P 500 gained 0.53% to 5,948.71 and the Nasdaq Composite gained 0.03% to 18,972.42.
Malaysia's benchmark index, meanwhile, rose 4.36 points to 1,593.04 although gains are expected to be capped ahead of corporate results scheduled to be released until the end of the month.
Malacca Securities Research noted that the escalation of the Ukraine-Russia conflict could weigh on market sentiment, but also present opportunities in gold and oil-related stocks and the consumer sector.
It said it also favoured the aviation industry as the year-end holiday approaches, while the strengthening US dollar and Trump administration’s tariffs should benefit export-oriented sectors such as technology and gloves.
Meanwhile, the construction, property, and building materials sectors remain supported by earlier data centre investments, it said in a note.
Gainers on Bursa Malaysia included Sunway Construction rising 14 sen to RM4.57, Tenaga Nasional adding 12 sen to RM13.92 and PETRONAS Dagangan climbing 10 sne ot RM17.68.
Top actives were Aizo down 0.5 sen to 13.5 sen, Sanichi flat at 1.5 sen and Globetronics gaining 3.5 sen to 54.5 sen.
