Bursa Malaysia Lower At Midday, In Sync With Regional Peers

KUALA LUMPUR, Aug 2 (Bernama) -- Bursa Malaysia stayed lower at midday, in tandem with the downtrend in regional markets due to emerging concerns over the United States (US) slowing economic growth and the Bank of Japan’s (BoJ) hints of monetary policy tightening. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 12.12 points, or 0.75 per cent, to 1,612.13 from yesterday’s close of 1,624.25.

The FBM KLCI opened 4.94 points lower at 1,619.31 and moved between 1,609.65 and 1,619.31 during the morning session.

On the broader market, decliners surpassed advancers 1,162 to 127, while 271 counters were unchanged, 858 untraded, and 20 others suspended. 

Total turnover amounted to 2.63 billion units valued at RM1.70 billion.

In a note, Hong Leong Investment Bank Bhd (HLIB) said the FBM KLCI might extend its consolidation mode in the short term as investors take into account earnings uncertainty in the upcoming August results season, heightened geopolitical tensions in the Middle East, and concern about the slowing US economy.

“However, the downside is likely to be cushioned by a dovish US Federal Reserve, strengthening ringgit, and continued net inflows from foreign investors.

“Unless staging a decisive breakdown below the 1,600-1,606 support levels, the FBM KLCI may continue its upward trajectory towards the 1,638 level after a healthy consolidation,” it added. 

Among the heavyweights, Maybank eased two sen to RM10.24, Public Bank slid one sen to RM4.25, Tenaga Nasional gave up 12 sen to RM13.98, CIMB trimmed by five sen to RM7.38, and IHH Healthcare ticked down seven sen to RM6.25.

Of the actives, WCT Holdings decreased 12 sen to RM1.15, Sime Darby shrank seven sen to RM1.50, Hubline was one sen easier at 12 sen, while Ta Win and Velesto Energy were flat at three sen and 22 sen, respectively. 

On the index board, the FBM Emas Index fell 160.80 points to 12,350.07, the FBMT 100 Index dipped 145.64 points to 11,957.01, the FBM Emas Shariah Index lost 206.96 points to 12,520.82, the FBM 70 Index dropped 425.12 points to 18,065.38, and the FBM ACE Index was 145.78 points lower at 5,485.84.

Sector-wise, the Plantation Index ticked down 14.17 points to 7,177.75, the Industrial Products and Services Index reduced by 4.20 points to 186.81, the Energy Index weakened by 18.07 points to 941.10, and the Financial Services Index slipped by 74.95 points to 18,205.02.

-- BERNAMA