Bursa Malaysia extended its winning streak on July 14, with the benchmark index climbing more than 1% as strong buying interest in oil and gas (O&G) as well as banking counters lifted market sentiment amid expectations of firmer energy prices following renewed US-Iran tensions.
The FTSE Bursa Malaysia KLCI (FBM KLCI) surged 21.50 points, or 1.26%, to close at its intraday high of 1,719.94 compared to its previous day closing of 1,698.44. The index touched an intraday low of 1,698.21 earlier in the session.
Broader market sentiment was also positive, with the FBM EMAS rising 107.97 points to 12,661.93, while the FBM Sha gained 94.65 points to 12,492.04. The FBM 70, however, slipped 29.34 points to 17,797.02.
Energy-linked counters attracted strong attention as investors moved to position for potential gains from higher crude oil prices. Petronas-related stocks and oil and gas service providers were among those benefiting from the renewed geopolitical risk premium.
Banking counters also contributed to the index gains, with Public Bank Bhd emerging among the most actively traded large-cap stocks as its counter rose 13 sen to RM5.05, with 51.76 million shares changing hands.
Among the most active counters, Tanco Holdings Bhd jumped 7.5 sen to 31.5 sen, with 359.21 million shares traded. Velesto Energy Bhd eased 1.5 sen to 27 sen after 144.16 million shares changed hands.
HHRG Bhd gained 3.5 sen to 15 sen, while Vinvest Capital Holdings Bhd declined one sen to two sen.
The strong market performance reflected renewed investor appetite for cyclical sectors, although market participants remained cautious over geopolitical developments and their potential impact on global energy markets.
