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The Star

FBM KLCI hits five-week high, ringgit at nine-month peak

KUALA LUMPUR: The FBM KLCI extended its gains to a fourth straight session, closing at a five-week high, while the ringgit strengthened to a nine-month peak amid sustained foreign interest and a weaker US dollar. The FBM KLCI rose for the fourth straight session, gaining 8.57 points or 0.56% to close at 1,541.53 — its highest level since late May. Today's gain was the largest since June 23, when the index rose 0.92%. Market breadth was positive, with gainers outpacing losers 565 to 389, while 464 counters remained unchanged. Total trading volume reached 2.05 billion shares, valued at RM2.15bil. On the forex market, the ringgit rose 0.38% against the US dollar to 4.1933, its highest since October 2024. The local currency edged up 0.02% against the Singapore dollar to 3.3010, while it fell 0.17% against the pound sterling to 5.7756 and dropped 0.37% against the euro to 4.9516. According to Bloomberg, Malaysia's ringgit strengthened to a nine-month high, driven by strong foreign bond inflows and a weaker US dollar. The rally was further supported by easing global trade tensions and growing foreign interest in local government bonds. On Bursa Malaysia, Nestle jumped 78 sen to RM77.50, Tenaga Nasional added 52 sen to RM14.90, Kuala Lumpur Kepong rose 38 sen to RM21.08 and Chin Tek climbed 21 sen to RM9.40. Among the losers, F&N slid 38 sen to RM29.08, PETRONAS Dagangan fell 26 sen to RM21.26, Eurospan lost 14 sen to RM2.16 and SHH Resources declined 13 sen to RM1.12. Gamuda was the top contributor to the index's gain and posted the biggest move, rising 3.76% or 18 sen to RM4.97. CelcomDigi was the biggest drag on the index, falling 2.04% or six sen to RM3.85, marking the largest decline among KLCI constituents. Dealers said the FBM KLCI extended its gains on sustained foreign interest, a stronger ringgit, and improved regional sentiment, with easing trade tensions and continued fund inflows supporting investor confidence. Meanwhile, stock market data showed that foreign investors bought RM66mil worth of equities on Monday. Local institutions and retailers were net sellers, offloading RM28mil and RM38mil, respectively. Regional markets closed mixed, with gains in South Korea, China, and Singapore offset by losses in Japan and Hong Kong. Japan's Nikkei 225 fell 1.24%, and Hong Kong's Hang Seng Index closed down 0.87%. South Korea's Kospi rose 0.58%, China's CSI 300 Index added 0.17%, and Singapore's Straits Times Index closed up 0.7%.