Bursa Malaysia Easier At Midday, In Sync With Regional Peers

KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia turned slightly easier at midday, in sync with the downbeat performance of its regional peers ahead of the United States (US) Federal Reserve’s (Fed) policy meeting.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid by 1.46 points to 1,623.10 from yesterday's close of 1,624.56.

The index opened 0.22 of-a-point better at 1,624.78, subsequently moving between 1,622.40 and 1,629.37 during the morning trading session.

On the broader market, losers led gainers 422 to 237, while 771 counters were unchanged, 1,055 untraded, and 89 others suspended. 

Total turnover amounted to 2.42 billion units valued at RM1.36 billion.

Public Investment Bank Bhd said that US benchmark indices were mostly flat overnight as investors await key corporate earnings reports and the start of the Fed’s policy meeting, with US Fed chair Jerome Powell widely expected to signal the timing and number of rate cuts expected in the coming months. 

“Over in Europe, markets were mostly lower as investors waited for corporate earnings and the outcomes from central bank meetings,” it said in a note today.

It said that the Bank of England and the Bank of Japan (BoJ) will hold their policy meetings this week, adding that BoJ is expected to announce a 0.1 per cent rate hike.  

Meanwhile, Hong Leong Investment Bank Bhd (HLIB) said market sentiment remained cautious ahead of the BoJ and Fed’s policy decisions, key US economic prints (US jobs data, consumer confidence, US ISM manufacturing Purchasing Managers' Index, as well as major US earnings reports) and China’s Politburo meeting this week.

“We remain optimistic that Bursa Malaysia’s benchmark index could still surpass a three-year high at 1,638, followed by the stiffer hurdles at 1,650-1,660 zones.

"On the downside, failure to hold near 1,606- 1,612 support may drag the index lower at 1,590-1,600 zones," it said. 

Among the heavyweights, Tenaga Nasional added 16 sen to RM14.26, CIMB rose 1.0 sen to RM7.25 and IHH Healthcare gained 2.0 sen to RM6.29, while Maybank slid 6.0 sen to RM10.14, and Public Bank inched down 1.0 sen to RM4.23. 

Of the actives, Ekovest edged up half-a-sen to 45 sen and Techbond Group gave up 1.5 sen to 52 sen, while Velocity Capital Partner, OCR Group and Velesto Energy were flat at 8.0 sen, 8.5 sen, and 22.5 sen, respectively. 

On the index board, the FBM Emas Shariah Index advanced 11.07 points to 12,838.25 and the FBM 70 Index firmed by 8.43 points to 18,655.70, while the FBM Emas Index declined 7.28 points to 12,539.27, the FBMT 100 Index trimmed 6.06 points to 12,128.48, and the FBM ACE Index dipped 57.47 points to 5,721.53.

Sector-wise, the Plantation Index shrank 8.80 points to 7,167.63, the Industrial Products and Services Index went down 0.24 of-a-point to 192.62, the Energy Index shaved 2.15 points to 963.75, and the Financial Services Index reduced 18.19 points to 18,069.68.

-- BERNAMA