KUALA LUMPUR: Bursa Malaysia's key index breached the 1,570 mark to hit a two-year high of 1,571.48 points on investor bought into telecommunication stocks and Press Metal Bhd.
At 5:10 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 9.84 points or 0.63 per cent to reach 1,571.48, compared to Tuesday's closing at 1,561.64.
The overall market sentiment was positive, with 777 stocks making gains compared to 327 decliners, while 480 stocks remained unchanged.
Malacca Securities Sdn Bhd said following the positive overnight Wall Street performance as geopolitical tensions in the Middle East faded, the key index was supported by Telco heavyweights like Axiata Group Bhd (+13.0 sen) and Maxis Bhd (+8.0 sen) as well as Press Metal Aluminium Bhd (+13.0 sen).
"All sectors gained, meanwhile the Property sector (+1.78 per cent) was the leading sector due to buying interest in SP Setia Bhd (+6.0 sen) and IOI Properties Group Bhd (+5.0 sen)," it said.