KUALA LUMPUR: The FBM KLCI extended its uptrend for the second straight day, surging almost 30 points amid strong investors' appetite and better commodity prices.
The benchmark index closed up 29 points, or 1.89% to 1,559.42, its highest in about three weeks.
In the broader market, there were 612 stocks advancing against 433 stocks declining while 442 counters closed unchanged. About 4.45 billion shares, valued at RM3.42bil, changed hands.
Dealers said buying in the local market was spurred by positive market sentiment buoyed by the higher commodity prices.
The CPO price for October 2021 surged to RM5,050 a tonne after hitting an intraday trade record at RM5,000 a tonne yesterday.
Among the plantation counters, Kuala Lumpur Kepong surged RM1.72 to RM21.90, Sime Darby Plantation jumped 54 sen to RM4.20, IOI Corp soared 31 sen to RM4.08 and PPB gained 30 sen to RM18.70.
Maybank gained seven sen to RM8.08, Petronas Dagangan added 60 sen to RM19.70 and Tenaga climbed 12 sen to RM9.74.
Hong Leong Financial group declined six sen to RM17.94, Mr DIY fell four sen to RM3.71, MISC lost three sen to RM7.05 and Hartalega gave up one sen to RM6.01.
On the broader market, SAM Engineering surged RM3 to RM24, Genetec jumped RM2.24 to RM38.94 and Genting Plantations soared 79 sen to RM7.69.
PMB Technology tumbled 46 sen to RM14.50, Ajinomoto lost 16 sen to RM15.94 and TAFI Industries fell 15 sen to RM2.64.
Meanwhile, US oil prices rose for a fifth day on Wednesday to their highest since 2014.
Reuters reported that US West Texas Intermediate oil earlier rose to US$79.47 a barrel, the highest since November 2014.
Brent crude added 0.8%, or 66 cents, to $83.22 a barrel, trading near last session's three-year high.
Asia benchmark finished mostly lower on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%.
Japan’s Nikkei 225 fell 1.05% to close at 27,528.87, its lowest since Aug. 23.
South Korea’s Kospi closed down 53.86 points, or 1.82% 2,908.31, the lowest close since Dec. 30, 2020.
Hong Kong's Hang Seng Index lost 0.57% to close at 23,966.49.