KUALA LUMPUR: The FBM KLCI rose to its highest level in about two weeks on Thursday, shrugging off threats of new U.S. car tariffs amid mixed performances from regional peers.
U.S. President Donald Trump announced a 25% tariff on imported cars and light trucks starting next week, widening the global trade war.
The benchmark 30-stock index surged 17.68 points, or 1.16%, to 1,535.73—its intraday high—boosted by buying in banking and energy stocks. The gain is the largest since it rose 1.7% on March 13.
On the broader market, gainers outnumbered losers 543 to 385, while 466 counters remained unchanged. A total of 2.5 billion shares changed hands, valued at RM2.41bil.
Among the FBM KLCI component stocks, 23 counters rose while seven declined.
Gamuda contributed the most to the index’s gain and recorded the largest increase, rising 7.73% or 31 sen to RM4.32, adding 2.5885 points to the index.
On the other hand, Axiata was the biggest drag, falling 1.6% or three sen to RM1.84, pulling the index down by 0.3993 points.
Maybank rose 18 sen to RM10.36, contributing 3.1508 points to the index, while Tenaga Nasional gained 24 sen to RM13.56, boosting the index by 2.0215 points.
On the broader market, Malaysian Pacific Industries
jumped 54 sen to RM19.10, F&N rose 44 sen to RM23.96 and Heineken added 34 sen to RM27.24.
United Plantations slid 34 sen to RM22.56, Dutch Lady fell 30 sen to RM28.60 and Southern Acids declined 20 sen to RM3.
According to data on Bursa Malaysia, foreign investors continued to sell local stocks on Wednesday, disposing of RM172mil worth of equities, while retailers sold RM2mil net.
Local institutions acquired RM174mil worth of equities.
On the external front, MSCI's broadest index of Asia-Pacific shares ex-Japan fell 0.22%.
Japan’s Nikkei 225 fell 0.6%, Hong Kong’s Hang Seng Index rose 0.41%, South Korea’s Kospi closed down 1.39%, China’s CSI 300 Index gained 0.33% and Singapore’s Straits Times Index added 0.4%.
