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Bursa closes higher despite Trump’s tariff, energy stocks lead charge | Scoop
Bursa Malaysia closed higher today with the market bellwether ending at an intraday high, driven by energy stocks. – Scoop file pic, February 6, 2025
News

Bursa closes higher despite Trump’s tariff, energy stocks lead charge

FBM KLCI rises 0.67%, fueled by energy and AI optimism, as traders brushed off concerns over US’s latest tariff move on Chinese imports

Bernama
Updated
6:02 PM MYT

 

KUALA LUMPUR – Bursa Malaysia closed higher on broad-based buying during the late session, with the market bellwether ending at an intraday high, driven by energy stocks, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.67%, or 10.66 points, to 1,585.17, compared with Wednesday’s close of 1,574.51. 

The benchmark index opened 1.92 points firmer at 1,576.43 and hit a low of 1,573.90 in the early session before trending steadily upwards in the afternoon session.  

On the broader market, gainers led decliners 485 to 391, while 511 counters were unchanged, 914 untraded and 12 suspended. 

Turnover advanced to 2.93 billion units valued at RM2.10 billion versus 2.86 billion units worth RM2.32 billion on Wednesday.  

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices were also upbeat, thanks to strong buying in technology and electric vehicle stocks. 

The resilience of China’s artificial intelligence (AI) sector has bolstered investor confidence, despite the 10% tariffs imposed on Chinese goods by the US President Donald Trump administration. 

Thong said optimism surrounding DeepSeek, a Chinese AI software company, has helped offset anxieties linked to the escalating trade tensions between the US and China. 

“While investor sentiment has improved, we maintain a cautious optimism on the local market as its near-term direction is still largely shaped by regional and global volatility. 

“Notwithstanding this, we anticipate the FBM KLCI to trend within the 1,570-1,590 range towards the weekend,” he told Bernama.  

Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said investors in the region adopted a risk-on stance after observing that the US-China trade tariffs did not trigger broader market contagion. 

“Bargain-hunting activities persisted in data centre-related companies, reflecting sustained investor interest in the sector,” he said.  

Among the heavyweights, Maybank rose 8.0 sen to RM10.42, Petronas Gas soared 44 sen to RM17.80, CelcomDigi rose 6.0 sen to RM3.82, Tenaga Nasional jumped 10.0 sen to RM13.72, and Petronas Chemicals gained 7.0 sen to RM4.40.  

For most active stocks, Borneo Oil was flat at 1.0 sen, ACE Market debutant Northern Solar put on 16.0 sen to 79.0 sen, MYEG climbed 1.5 sen to 98.5 sen, Ingenieur Gudang added 1.0 sen to 5.5 sen, and Velesto Energy was unchanged at 19.0 sen. – February 6, 2025

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