KUALA LUMPUR: Bursa Malaysia stayed resilient near the psychologically significant 1,600 level, taking cues from Wall Street's record close following the nomination of hedge fund manager Scott Bessent as the new US Treasury Secretary.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.33 points, or 0.15 per cent, to 1,599.78, from Monday's close of 1,597.45.  

The benchmark index opened higher, adding 3.05 points to 1,600.50.  

The broader market was positive, with gainers outpacing decliners 153 to 138, while 265 counters remained unchanged, 1,906 were untraded, and 26 were suspended.

Turnover totalled 244.52 million units, valued at RM57.83 million.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said Bessent, known for his reputation as a deficit hawk, likely contributed to the sharp decline in US Treasury yields to a nearly one-month low. 

"This has raised hopes that he will help restore the US economy and improve overall business conditions," he said.

However, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that China's National Bureau of Statistics' Purchasing Managers' Index (PMI) data, set for release today, could prompt caution among investors.

"We expects the FBM KLCI to remain in consolidation, trying to breakout above the 1,600 level, and trending within the 1,590-1,605 range today," he said.

Among the heavyweights, Maybank, Hong Leong Bank, and CelcomDigi were flat at RM10.30, RM20.88, and RM3.55, respectively.

CIMB eased three sen to RM8.35, while Public Bank and IHH rose one sen each to RM4.46 and RM7.10.

In active stocks, Zentech and Yew Kee remained unchanged at 1.0 sen and 46 sen. Lay Hong dropped half a sen to 37 sen, Silver Ridge added one sen to 60.5 sen, and 3Ren rose half a sen to 40 sen.

On the index board, the FBM Emas Index gained 13.98 points to 12,187.30, the FBMT 100 Index rose 12.85 points to 11,891.50, the FBM Emas Shariah Index increased 26.25 points to 12,136.19, and the FBM 70 Index gained 3.04 points to 18,060.96. 

Meanwhile, the FBM ACE Index added 0.81 of-a-point to 5,164.26.

Sector-wise, the Plantation Index improved by 13.79 points to 7,515.44, and the Energy Index gained 0.90 of-a-point to 830.38.

The Financial Services Index fell 5.21 points to 19,283.82, and the Industrial Products and Services Index declined 0.31 of-a-point to 172.58.

 - BERNAMA