The Bursa Malaysia market index maintained its high momentum for the fourth consecutive day and surpassed its best record of 2019 supported by continued buying in heavyweight stocks, in line with the strong performance of the Asia Pacific market.
At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was at 1,709.04, up 0.05% since it opened in early trading on Wednesday in the Asian session.
Trading volume amounted to 1,848 lots while open interest amounted to 36,698 contracts.
The FBM KLCI remained above the psychological level of 1,700 points after hitting a more than seven-year high, following foreign fund inflows returning to blue-chip stocks and investors' improved risk appetite in recent sessions.
Market sentiment was also driven by continued gains in banking and financial sector stocks, which were the main catalysts for buying in the main index.
This positive performance was in line with strong regional market sentiment, despite mild signs of profit-taking in early trading today.
While the market opened slightly mixed, with the FBM KLCI showing initial downside pressure in some sessions, investor confidence in local market fundamentals continued to support the index's high position.
Registered trading volume stood at 1,848 lots while open interest stood at 36,698 contracts as of midday, reflecting continued interest from market participants in the KLCI futures contract and a higher risk appetite to continue the upward momentum.
Technically, analysts see the FBM KLCI currently in an overbought phase, which could invite consolidation or a mild correction in the near term, as long as global data inputs and key monetary policy signals remain the focus of investors.
