Bursa Malaysia started trading this week with a better performance when it opened higher on Monday, driven by expectations that foreign investors will shift their investments from technology stocks to more stable sectors such as banking, consumer goods and plantations.
In early trading, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose to 1,732.59 points, thus continuing the positive momentum recorded earlier.
According to Rakuten Trade Sdn Bhd, the local market performed differently compared to most regional markets.
On Wall Street, technology stocks, especially semiconductor and artificial intelligence (AI)-related companies, continued to receive selling pressure.
The situation worsened when crude oil prices rose following the escalating geopolitical tensions between the United States and Iran.
Pressure on technology stocks was also felt in several Asian markets such as South Korea and Taiwan, which recorded significant declines.
However, Bursa Malaysia managed to maintain its positive performance and closed above the 1,730 point level.
Analysts expect the FBM KLCI index to move in a range of 1,725 to 1,740 points throughout today's trading.
Among heavyweights, Tenaga Nasional recorded an increase of eight sen, while Maybank and Public Bank each declined slightly.
CIMB and IHH Healthcare shares were unchanged. For the most active stocks, most moved flat with small price changes.
Meanwhile, the energy and plantation sectors were among the main contributors to the market's rise when each recorded an increase in early trading.
This movement shows that investors are now more inclined to choose sectors that are seen as more resilient when the global market is facing uncertainty.
If this sentiment continues, Bursa Malaysia has the potential to maintain positive performance in the near term even though overseas markets are still affected by concerns over geopolitical developments and a slowdown in the technology sector.
