12.01.202608:06:56UTC+00Malaysia Stocks Climb to Near 7-Year High

The FBM KLCI increased by 11 points, or 0.6%, reaching 1,697 in the afternoon trading session on Monday. This figure marks its peak since March 2019, as it continued to climb from the previous session. The rise was largely driven by gains in the plantation, property, and financial services sectors. Bursa Malaysia mirrored the upward momentum in Asian markets, despite falling US stock futures due to an ongoing criminal investigation involving Fed Chair Jerome Powell. On the domestic front, investors were keenly awaiting the preliminary release of the fourth-quarter GDP figures later this week, following a year-high growth reported in the third quarter. The plantation sector led the charge, advancing by 1.8%, bolstered by notable performances from United Plantations with a 6.7% increase, Sarawak Oil Palms up by 3.1%, and Kuala Lumpur Kepong which rose by 0.8%. Additionally, the financial services sector saw a 0.8% rise, with leading banks such as Maybank, CIMB, and Hong Leong Bank experiencing gains of 1.1%, 0.6%, and 1.0% respectively. Market participants are also anticipating a range of upcoming economic data releases from China, which include GDP and trade figures.