Bursa Malaysia opened higher, bucking the weaker regional trend as investors welcomed easing oil prices following signs of a potential de-escalation in Middle East tensions.
At 9.10am, the benchmark FBM KLCI rose 7.27 points, or 0.43%, to 1,680.01 from Wednesday’s close of 1,672.74. The broader market was also positive, with the FBM Emas Index gaining 33.64 points to 12,546.32 and the FBM Top 100 advancing 36.95 points to 12,384.45.
Market sentiment improved after oil prices retreated from recent highs following a ceasefire agreement between Lebanon and Israel, raising hopes of a broader diplomatic breakthrough in the Middle East. Brent crude slipped 0.69% to US$97.14 a barrel while US West Texas Intermediate fell 0.65% to US$95.40 a barrel.
The gains on Bursa came despite a weaker overnight performance on Wall Street, where the Dow Jones Industrial Average fell 1.21%, the S&P 500 lost 0.74% and the Nasdaq declined 0.89% as investors remained concerned over inflation risks stemming from recent oil price volatility and ongoing US-Iran tensions.
Among the most active counters, VS Industry traded unchanged at 22 sen with 111.2 million shares changing hands, while Business Capital Trust gained 1.5 sen to 33 sen and Velesto Energy added 0.5 sen to 31 sen.
Plantation heavyweight SD Guthrie rose 13 sen to RM5.97, making it one of the top gainers alongside Maybank, which added 10 sen to RM10.52. The plantation sector was among the stronger performers in early trade as investors continued to monitor developments in commodity markets.
On the sectoral front, consumer products and services led gains, rising 0.12%, while the energy index edged 0.01% higher. The construction index slipped 0.07%.
Across the region, sentiment remained cautious. Singapore’s Straits Times Index fell 1.06% in early trade, while Japan’s Nikkei 225 dropped 1.3% after renewed concerns over the US-Iran conflict weighed on broader risk appetite.
