KUALA LUMPUR, Aug 1 (Bernama) -- Bursa Malaysia stayed lower at midday, following the weaker performance of regional bourses after the United States Federal Reserve (US Fed) kept interest rates unchanged.
US Fed chair Jerome Powell signalled the Fed could cut rates “as soon as” September.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.68 points, or 0.10 per cent, to 1,623.89 from yesterday’s close of 1,625.57.
The FBM KLCI opened 0.30 points higher at 1,625.87 and moved between 1,621.44 and 1,626.35 during the morning session.
On the broader market, decliners outpaced advancers 565 to 366, while 469 counters were unchanged, 1,018 untraded, and 19 others suspended.
Total turnover amounted to 1.91 billion units valued at RM1.19 billion.
Hong Leong Investment Bank Bhd (HLIB) said Asian markets ended mostly higher on Wednesday ahead of the Bank of England policy meeting today (Aug 1).
“Tracking higher regional markets and a strengthening ringgit, the FBM KLCI rebounded 13.6 points to 1,625.6 on Wednesday after hitting a three-week low.
“We remain optimistic the bulls could eventually surpass 1,638 (year-to-date high) and revisit 1,650-1,660 zones after a healthy consolidation,” it said in a note today.
HLIB said conversely that failure to hold near 1,600- 1,606 crucial supports may drag the index lower to the 1,576-1,590 range.
It said that following a dovish US Fed, a strengthening ringgit, and continued net inflows from foreign investors, the FBM KLCI could advance further before a potential pause, ahead of a seasonally weak month of August results season.
“Unless staging a decisive breakdown below the 1,600-1,606 support levels, the FBM KLCI may continue its upward trajectory towards 1,638-1,650-1,660 after a healthy consolidation, underpinned by the US Fed’s rate-cut pivot, stable corporate earnings and economic growth in Malaysia, planned investments inflow, government reforms, and exuberance in investment themes,” it added.
Among the heavyweights, Maybank added 2.0 sen to RM10.24, Public Bank edged up 4.0 sen to RM4.25, Tenaga Nasional eased 2.0 sen to RM14.06, CIMB trimmed by 3.0 sen to RM7.40, while IHH Healthcare was flat at RM6.30.
Of the actives, Velesto Energy gained 1.0 sen to 22.5 sen, and Cape EMS rose by 1.0 sen to 69.5 sen. SMTrack, Ekovest, and XOX were down half-a-sen to 3.5 sen, 44.5 sen and 37 sen, respectively.
On the index board, the FBM Emas Index fell 9.01 points to 12,508.20, the FBMT 100 Index dipped 9.92 points to 12,099.24, the FBM Emas Shariah Index lost 24.48 points to 12,737.98, the FBM 70 Index slid 5.48 points to 18,482.60, and the FBM ACE Index was 18.51 points lower to 5,642.87.
Sector-wise, the Plantation Index ticked down 13.50 points to 7,190.14, the Industrial Products and Services Index was 0.44 of-a-point lower at 191.56. The Energy Index, however, gained 7.68 points to 961.12, and the Financial Services Index rose 55.81 points to 18,228.89.
-- BERNAMA
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