Bursa closes at intraday high, lifted by utilities and petrochemicals

On Wednesday, Bursa Malaysia reached its intraday peak, propelled by increased interest in utility and petrochemical stocks as crude oil prices neared $90 per barrel. By 5pm, the FTSE Bursa Malaysia KLCI had climbed 10.15 points, or 0.59%, to 1,741.61, up from the previous close of 1,731.46. Sedek Jantan, IPPFA Sdn Bhd's director of investment strategy and country economist, attributed the KLCI's upward movement to gains in utilities and petrochemical sectors, as elevated oil prices bolstered the earnings outlook for related companies.

He noted that this sectoral rotation has intensified over the past two months, driven by persistent geopolitical risks that kept energy prices high. However, higher crude oil prices also negatively impacted broader regional sentiment, with most Asian equity markets declining as investors reconsidered the implications of elevated energy costs on inflation, interest rates, and corporate earnings.

Among the most active stocks, Maybank rose to RM10.60, Public Bank remained flat at RM5.19, CIMB Group increased to RM7.92, Tenaga Nasional surged 24 sen to RM14.58, and IHH Healthcare stayed unchanged at RM8.35.