Malaysia stocks edge higher, bargain hunting offsets cautious mood on global tensions

KUALA LUMPUR, Sept 30 — Bursa Malaysia's key index, the FTSE Bursa Malaysia KLCI, closed higher on Wednesday as bargain hunting offset cautious sentiment amid global tensions. The index gained 7.21 points, or 0.43 percent, to 1,651.17 from its previous close of 1,643.96. Throughout the day, the benchmark index fluctuated between 1,645.03 and 1,657.41.

Market breadth was negative, with more stocks declining than gaining, at 703 to 413. However, turnover improved to 3.63 billion units, valued at RM3.62 billion, from 3.31 billion units, worth RM2.95 billion the previous day. Rakuten Trade Sdn Bhd's Thong Pak Leng noted the local market's recovery was still tentative, as investors waited for the US Personal Consumption Expenditures (PCE) price index.

He maintained a cautious outlook due to elevated US 10-year Treasury yields and unresolved West Asia geopolitical tensions, expecting the FBM KLCI to trade within the 1,640-1,670 range for the rest of the week. Among the top gainers were Nestle, Allianz Malaysia, UWC, United Plantations, and Petronas Gas. In contrast, Hengyuan Refining, Malaysian Pacific Industries, Kuala Lumpur Kepong, Genting Plantations, and Eurospan were among the largest decliners.