KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) closed midday shy of an almost one-year high as buying interest in heavyweights, particularly in the financial services sector continued.
The positive momentum was influenced by the improved performance observed in most regional markets.
At 12.30pm, the FBM KLCI gained 0.28 per cent or 4.23 points to 1,499.93 from Monday's close of 1,495.70.
The key index last reached the 1,500 level on Jan 20, 2023, when it closed at 1500.33 points.
The benchmark index started the day 1.47 points higher at 1,497.17 and fluctuated between 1,497.14 and 1,503.93 during the morning session.
On the broader market, decliners outnumbered gainers 500 to 429, while 454 counters were unchanged.
Turnover amounted to 4.16 billion units worth RM2.08 billion.
In a note today, Malacca Securities Research expects profit-taking activities to emerge, as the utilities sector has been rallying strongly over the past few days. Meanwhile, the firm said the other sectors that have room to grow may include the consumer, transportation and logistics, technology sectors as well as the industrial products sector.
"We believe building materials may benefit from the recent rally in construction and property sectors on the back of the Kuala Lumpur-Singapore high speed rail (HSR) theme and the easing requirements of Malaysia My Second Home (MM2H). "Additionally, the heightened geopolitical tension in the Middle East could lift the shipping industry," it noted.