Bursa Malaysia ends at intraday high lifted by utilities, petrochemical stocks

At the close of trading on August 12, Bursa Malaysia's KLCI index reached an intraday high of 1,741.61 points, buoyed by strong performance from utility and petrochemical stocks driven by elevated crude oil prices. The benchmark index opened at 1,731.47 and dipped to a low of 1,728.64 before making a strong comeback. Throughout the day, the index saw a net gain, with gainers outnumbering losers 661 to 512. Over 600 counters remained unchanged, while 1,014 shares were untraded and 13 were suspended.

As crude oil prices neared the US$90 per barrel mark, investors began rotating into commodity-linked sectors such as utilities and petrochemicals, bolstering the earnings outlook for energy-related counters. This sectoral rotation has been gaining momentum over the past two months, despite rising geopolitical risks weighing on broader regional sentiment. Most Asian equity markets ended lower as investors reevaluated the impact of high energy costs on inflation, interest rates, and corporate earnings.