Bursa Malaysia Higher At Midday In Sync With Regional Markets

KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia’s benchmark index rose further at midday in line with the upbeat performance of regional bourses ahead of the US Federal Reserve's (Fed) rate cut decision due later in the day. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 6.75 points, or 0.42 per cent, to 1,618.69 from yesterday's close of 1,611.94.

The FBM KLCI opened 1.39 points higher at 1,613.33 and subsequently moved between 1,611.60 and 1,619.94 during the morning session.

However, in the broader market, decliners outpaced advancers 686 to 298, while 421 counters were unchanged, 1,044 untraded, and 54 others suspended. 

Total turnover amounted to 2.57 billion units valued at RM1.41 billion.

Hong Leong Investment Bank Bhd (HLIB) said Asian markets ended lower on Tuesday as investors braced for the policy meetings of the Bank of Japan (BoJ) (July 31), the Fed (July 31) and Bank of England  (Aug 1) this week, as well as key US economic prints and major US earnings reports. 

On the local front, it said that after hitting a three-year high of 1,638 on July 19, the FBM KLCI continued to trend lower to 1,611.9 at yesterday’s close.

“As we enter into the seasonally weak month of August, the FBM KLCI may continue its consolidation as investors weigh upcoming major central banks’ policy outlooks, ongoing US corporate earnings, and Bursa Malaysia’s August results season,” it said.

HLIB said barring a breakdown below the 1,600-1,606 support level, the benchmark index may continue its upward trajectory towards 1,638-1,650-1,660 after a healthy consolidation.

“Conversely, failure to hold near the 1,600-1,606 crucial support may drag the index lower to the 1,576-1,590 range,” it said. 

Among the heavyweights, Maybank increased 4.0 sen to RM10.12, Public Bank edged up 2.0 sen to RM4.20, CIMB perked 15 sen to RM7.36, and IHH Healthcare gained 8.0 sen to RM6.30, while Tenaga Nasional eased 2.0 sen to RM14.08.

Of the actives, Velesto Energy inched up half-a-sen to 22.5 sen, Berjaya Corporation improved 1.0 sen to 42 sen, Velocity Capital Partner shrank half-a-sen to 7.0 sen, Top Glove reduced 8.0 sen to RM1.01, and Alam Maritim was flat at 3.5 sen. 

On the index board, the FBM Emas Index put on 5.55 points to 12,474.25, the FBMT 100 Index advanced 9.52 points to 12,069.56, the FBM Emas Shariah Index declined 43.66 points to 12,737.94, the FBM 70 Index slipped 134.68 points to 18,470.34, and the FBM ACE Index dipped 65.79 points to 5,721.53.

Sector-wise, the Plantation Index improved 18.93 points to 7,187.98, the Industrial Products and Services Index erased 0.30 of-a-point to 191.58, the Energy Index shaved 3.76 points to 959.66, and the Financial Services Index increased 115.99 points to 18,071.42.

-- BERNAMA