Opening Daily Highlight
Local
KLCI Extends Gains Past Key Resistance, Fuelled by Oil and Gas Rally
Wed, 15-Jul-2026 07:25 am
by Research Team • Apex Research

Malaysian Market Review. The FBM KLCI surged 21.50 points, or 1.26%, to close at its intraday high of 1,719.94, from Monday's 1,698.44, as strong buying interest in oil and gas and banking counters lifted the broader market, even as market breadth remained negative, with 542 advancers against 544 decliners. This resilience was underpinned by investors positioning for potentially firmer energy prices amid renewed US-Iran hostilities. Sector-wise, Industrial Products (+2.72%) posted the biggest gains, followed by Utilities (+1.31%) and Finance services (+1.10%), while Telecommunication & Media (-0.93%) led the decliners, followed by Consumer (-0.38%).

  

Global Markets: The Dow Jones Industrial Average gained +0.02%, to 52,508.27, the S&P 500 rose +0.38% to 7,543.59, and the Nasdaq Composite rose +0.90% to 26,107.01. Semiconductor names rebounded sharply, with the VanEck Semiconductor ETF up +2.5% and gains across Applied Materials, Teradyne, Lam Research, Micron, and STMicroelectronics. Bank stocks also rallied on strong earnings, with Goldman Sachs surging +9% following its results. Meanwhile, Europe STOXX 600 gained +0.17% to 642.10. In Asia, Japan's Nikkei 225 rose +0.74% and South Korea's KOSPI gained +0.73, while Hong Kong's Hang Seng rose +0.52%(CNBC).

 

Market Outlook. U.S. stocks closed higher Tuesday, led by a rebound in semiconductor stocks, after June CPI data came in weaker than expected, falling -0.4% on the month with annual inflation at 3.5%, below economist forecasts of 3.8%. Oil prices pulled back from earlier highs after Trump dropped his demand for a 20% fee on ships transiting the Strait of Hormuz, though prices stayed elevated as the U.S. launched fresh strikes on Iran, with WTI up 1.5% above $79 and Brent up 1.7% above $84. We remain cautiously positive on the KLCI in the near term, as escalating Middle East tensions and concerns over potential oil supply disruptions are likely to keep oil prices elevated, providing continued support for energy-related counters and Bursa Malaysia's defensive sector composition should continue to provide support despite broader regional market volatility.

 

Sector focus. Industrial Products and Utilities counters may remain in focus, supported by continued strength in oil and gas prices amid escalating Middle East tensions and sustained buying interest in banking heavyweights. Conversely, Plantation could see near-term profit-taking following yesterday’s pullback, while Telecommunication & Media and Consumer may stay soft amid recent weakness in the broader market.

 

Technical Commentary: The FBMKLCI surged 21.50 points to close at an intraday high of 1,719.94, decisively breaking above the 1,700 resistance level and moving further past the 9-day, 20-day, and 120-day moving averages. This confirms that near-term sentiment has improved further, with the index now testing the key 1,720 resistance level. A close above 1,720 would effectively invalidate the bearish Double Top pattern. The next resistance to watch is the 1,760-1,770 zone, which corresponds to the previous swing highs. On the downside, the 1,674 level remains the key support to monitor. 

 

Company News 

Tanco Holdings Bhd has broken ground on Midport, Malaysia’s first smart AI-powered container port in Pasir Panjang, Port Dickson, Negeri Sembilan. (The Edge)

 

PA Resources Bhd has renewed its agreement with First Solar Inc, First Solar Malaysia Sdn Bhd and First Solar Vietnam Manufacturing Co Ltd for the supply of aluminium extrusion profile used in the production of photovoltaic modules. (The Edge) 

 

Paragon Globe Bhd has proposed to acquire an additional 195.6-acre portion of a 256.7-acre freehold tract in Sedenak, Johor, for RM127.28 million in cash to develop an industrial park with an estimated gross development value of RM1.69 billion. (The Edge)

 

Doh family-linked Lagenda Properties Bhd and Epicon Bhd have proposed a RM543.16 million deal that will transform Epicon into Lagenda’s construction platform. (The Edge)

 

Engineering precision parts maker CPE Technology Bhd is partnering with Japanese surface-treatment specialist Kanekita Co Ltd to establish a semiconductor-focused manufacturing venture. (The Edge)

 

Fibromat (M) Bhd has secured a RM140 million subcontract to undertake the construction of the Limpaku Pinang access road in Sarawak's Limbang Division. (The Edge)

 

TSR Capital Bhd has secured a RM130 million contract to widen a stretch of the Kuala Lumpur-Karak Highway. (The Edge)

Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.057127 4.089542
EUR 4.667625 4.672382
CNY 0.601339 0.601952
HKD 0.517709 0.521346
SGD 3.148485 3.170672