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Malaysia's FBM KLCI edged marginally higher at midday, remaining essentially flat as investors adopted a wait-and-see approach ahead of significant Middle East developments and a wave of corporate earnings announcements.
Malaysia's stock market weakened as crude oil prices surged past US$100 per barrel amid Middle East conflict concerns, pushing the FBM KLCI toward a 10-day low despite gains in energy-linked counters.
The FBM KLCI gained modestly as oil prices rallied overnight, but investor hesitation persists amid concerns over technology sector spending and potential Federal Reserve hawkishness next week.
The FBM KLCI slipped 0.25% to 1,716.43 points on Wednesday as investors moved away from financial stocks following a GDP-driven rally. Banking and plantation heavyweights led declines amid Middle East tensions and rising oil prices.
Malaysia's FBM KLCI topped the 1,700 level for the first time, driven by rallying bank and PETRONAS shares, even as most Asian markets declined amid rising oil prices and geopolitical concerns.