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However, selling pressure was evident in banking stocks, limiting the overall index gains, with the FTSE Bursa Malaysia KLCI ending the day 2.1 points higher at 1,603.98 from Wednesday’s close of 1,601.88.
The index had opened 10.82 points lower at 1,591.06 and subsequently moved between 1,589.27 and 1,607.04 throughout the day.
Across the broader market, decliners outpaced gainers 538 to 422 while 482 counters were unchanged, 933 untraded and 30 suspended.
Today’s turnover dwindled to 2.14 billion units valued at RM2.44 billion versus 2.52 billion units valued at RM2.96 billion on Wednesday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said CPO futures surpassed RM4,900 per tonne today, drawing additional investor interest and supporting market resilience against global economic challenges.
The rally in CPO prices has lasted for three consecutive days, which was also boosted by higher crude oil prices amid expectations of increased demand from the US and a likely delay in output increase by the Organization of the Petroleum Exporting Countries (Opec).
He said investors have been watching the rise in US Treasury bond yields, with expectations that the Federal Reserve may back off major interest rate cuts amid the generally solid US economic data.
Investors also expect more stimulus measures to be launched by China to shore up its economy despite the republic’s manufacturing sector showing growth, with the official purchasing managers’ index hitting 50.1 in October, ending a five-month contraction streak.
Back home, SD Guthrie led the gainers among heavyweights, with the counter soaring 35 sen or 7.6% to RM4.95.
Public Bank added four sen to RM4.46, YTL Power rose nine sen to RM3.20, Axiata bagged five sen to RM2.31, and IOI Corp was seven sen higher at RM3.84.
Maybank was the main laggard, losing 10 sen to RM10.40, followed by Tenaga Nasional which declined 14 sen to RM13.90.
Among the active counters, MyEG and TWL Holdings perked up half-a-sen to 84 sen and three sen respectively, Elridge Energy advanced four sen to 48 sen, Johor Plantations was eight sen firmer at RM1.13, while Bina Puri slid six sen to 30 sen.
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