The FTSE Bursa Malaysia KLCI (FBM KLCI) rose at noon to break through the 1,600 level as Wall Street digested the nomination of hedge fund manager Scott Bessent as the new United States (US) Treasury Secretary.
At 2.30 pm, the FBM KLCI rose 7.44 points (0.47%) to 1,604.89 points from 1,597.45 at the close yesterday.
The market's benchmark index opened 3.05 points higher at 1,600.50.
The market sentiment was positive with 153 gainers outperforming 138 losers while 265 counters remained unchanged, 1,906 shares were untraded and 26 others were suspended.
Total trading volume was 244.52 million units worth RM57.83 million.
UOB Kay Hian Wealth Advisors Head of Investment Research Mohd Sedek Jantan said Bessent, known for his reputation for increasing deficits, could cause US Treasury yields to fall to near one-month lows.
This has raised hopes that he will help revive the US economy and improve overall business conditions.
In addition, Rakuten Trade Sdn Bhd Vice President of Equity Research Thong Pak Leng said China's National Bureau of Statistics' Purchasing Managers' Index (PMI) data scheduled for release today may cause investors to be cautious.
They expect the FBM KLCI to remain in consolidation, trying to break above the 1,600 level and to be in the 1,590-1,605 range today.
Among heavyweights, Maybank, Hong Leong Bank and CelcomDigi were unchanged at RM10.30, RM20.88 and RM3.55 respectively.
CIMB fell three sen to RM8.35 while Public Bank and IHH rose one sen to RM4.46 and RM7.10 respectively.
