Investors on Bursa Malaysia experienced a modest uptick on Monday, bringing an end to a three-day decline. This slight rebound was buoyed by favorable performances in regional markets and strategic bargain hunting in heavyweight stocks, providing a gentle lift to the local market sentiment.
The FTSE Bursa Malaysia KLCI, the market’s benchmark index, closed at 1,666.94, marking a small increase of 1.38 points or 0.08%. The index had initially surged to 1,674.74 during the trading session, but gains were pared down as investors opted to lock in profits.
In sector-specific movements, refining and renewable energy stocks led the way in gains. Notably, Hengyuan’s shares climbed RM1 to reach RM4.34, while Petron Malaysia Refining saw a rise of 33 sen, closing at RM3.79. Renewable energy stocks also showed strength, with Samaiden advancing 43 sen to RM2.38, Solarvest climbing 36 sen to RM3.69, and Pekat increasing by 15 sen to RM2.26.
On the currency front, the ringgit appreciated by 0.13% against the US dollar, settling at 4.0765. Meanwhile, the global oil market saw a decrease in Brent crude prices by 2.04%, dropping to US$101.75 per barrel, as concerns over potential supply disruptions began to subside.
Regionally, markets concluded the day on a positive note. Japan’s Nikkei 225, South Korea’s Kospi, Hong Kong’s Hang Seng, and major Chinese indexes all recorded gains, contributing to the optimistic trading environment that supported Malaysia’s stock market recovery.