Index gains led by sectoral strength
The Kuala Lumpur Composite Index rose 15.51 points or 0.9% to 1,748.17 on Wednesday after a six-session rally pushed it close to the 1,750-point mark. Energy, plantation, finance, and telecom sectors were the main boosters, but with global markets in a profit-taking mood, some investors may look to lock in gains.
Global markets waver on Wall Street weakness
The lead from Wall Street was weak. The Dow added 263.24 points or 0.49% to 54,349.12 but struggled to hold. The Nasdaq tumbled 221.55 points or 0.83% to 26,363.44 as investors sold AI-linked names. The S&P 500 also closed down 12.97 points or 0.17% at 7,723.55.
Oil prices retreat on Hormuz optimism
West Texas Intermediate crude for September delivery lost 0.49 dollars or 0.65% to 75.28 dollars a barrel. The drop marked a third consecutive decline as market optimism about a reopening of the Strait of Hormuz kept pressure on prices.