Bursa Malaysia’s slight rebound on Monday could signal a turning point for investors as the market broke free from a three-session losing streak. The uptick was driven by renewed interest in heavyweight stocks and positive momentum from regional markets, hinting at a potential stabilization after recent declines.
The benchmark FTSE Bursa Malaysia KLCI edged up 1.38 points, closing at 1,666.94, a modest 0.08% increase. Despite reaching a session high of 1,674.74, the index pared gains as investors opted to lock in profits. This cautious optimism was bolstered by the performance of refining and renewable energy stocks, which led the charge with significant gains.
Hengyuan Refining Company saw its shares rise by RM1 to RM4.34, while Petron Malaysia Refining climbed 33 sen to RM3.79. Renewable energy companies also experienced a boost, with Samaiden advancing 43 sen to RM2.38, Solarvest increasing 36 sen to RM3.69, and Pekat adding 15 sen to RM2.26, suggesting a growing investor appetite for sustainable energy solutions.
The ringgit’s strengthening by 0.13% against the US dollar to 4.0765 further underscored the market’s resilience amidst global economic pressures. However, a 2.04% decline in Brent crude oil prices to US$101.75 per barrel reflected easing concerns over supply disruptions.
Regional markets mirrored this positive sentiment, with Japan’s Nikkei 225, South Korea’s Kospi, and Hong Kong’s Hang Seng all recording gains. Major Chinese indexes also followed suit, contributing to a broadly optimistic outlook for the region’s economic prospects.