KUALA LUMPUR: Bursa Malaysia joined a global rally on Wednesday, tracking gains across regional markets after US President Donald Trump said the war with Iran could end within two to three weeks.
Trump said the US could wind down its military operation within that timeframe, adding that Tehran does not need to reach a deal for the conflict to ease.
The FBM KLCI rose 18.54 points, or 1.1%, to 1,708.90, lifted by gains in banking stocks. The index traded within a 15.74-point range, moving between an intraday high of 1,715.94 and a low of 1,700.20.
Market breadth was positive, with 780 gainers outpacing 444 decliners, while 475 counters were unchanged. Total volume stood at 3.6 billion shares valued at RM3.6bil.
Dealers said improved risk appetite following easing geopolitical concerns lifted regional equities and supported buying in index-linked stocks.
They added that volatility could persist as investors remain cautious over external risks and global developments.
Among the gainers, Nestle surged RM1.58 to RM100.70, Malaysian Pacific Industries jumped RM1.18 to RM29.96, United Plantations rose 80 sen to RM34.80, and Hong Leong Financial Group added 56 sen to RM19.52.
On the downside, PETRONAS Chemicals slid 67 sen to RM5.40, MISC fell 24 sen to RM8.20, KLCC lost 24 sen to RM8.82 and Hengyuan Refining declined 16 sen to RM1.24.
The ringgit also strengthened, rising 0.6% to 4.0258 against the US dollar, its biggest gain in three weeks, while edging up 0.03% against the Singapore dollar to 3.1375.
On the external front, MSCI’s Asia ex-Japan stock index rose 4.72%.
Japan’s Nikkei 225 advanced 5.24% to 53,739.68, while South Korea’s Kospi surged 8.44% to 5,478.70.
Hong Kong’s Hang Seng gained 2.04% to 25,294.03.
China’s CSI300 rose 1.71% to 4,526.07, while the Shanghai Composite added 1.46% to 3,948.55.