Bursa Malaysia Settles Higher At Midday, Buying In Utilities, Consumer Counters

KUALA LUMPUR, Aug 26 (Bernama) -- Bursa Malaysia settled higher at midday lifted by continuous buying in selected heavyweights led by utilities and consumer counters.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.30 points to 1,638.04 from Friday's close of 1,635.74. 

The index opened 4.08 points higher at 1,639.82 and moved between 1,634.72 and 1,643.95 throughout the morning session.

On the broader market, however, losers edged past gainers 481 to 415, with 431 counters remaining unchanged, 1,198 untraded, and 17 suspended.

Turnover reached 1.71 billion units worth RM1.17 billion.

Malacca Securities Sdn Bhd said it anticipates buying support to emerge in the local market following last Friday’s positive close on Wall Street.

"We favour the oil and gas sector, given the rebound in crude oil prices. The consumer, aviation, construction, building materials and automotive sectors could also benefit in a stronger ringgit environment,” the securities firm said in a note today.

Hong Leong Investment Bank Bhd said the FBM KLCI's ongoing rebound still has legs to revisit the 1,660 level, followed by 1,680 and 1,700 after a healthy retreat.

"This is following the encouraging economic and resilient earnings outlook, a sustained ringgit appreciation, the US Federal Reserve's pivot and increased risk appetite by foreigners.

“Nevertheless, given that KLCI had rallied 181 points or 12.4 per cent year-to-date, it may experience some consolidation as the earnings season reaches its peak with support between 1,617 and 1,629,” it said in a separate note today.

Among the heavyweights, Maybank rose 10 sen to RM10.54 and Tenaga jumped 28 sen to RM14.

Public Bank eased one sen to RM4.52, CIMB decreased six sen to RM7.83 and IHH fell two sen to RM6.31.

As for the actives, Elridge increased 4.5 sen to 45 sen, Cape and MYEG inched up half-a-sen each to 38.5 sen and 89.5 sen, respectively, and WCT advanced 11.5 sen to RM1.07.

Genetec shed five sen to RM1.14.

On the index board, the FBM Emas Index advanced 16.89 points to 12,350.70, the FBMT 100 Index increased 16.35 points to 12,029.80, and the FBM Emas Shariah Index strengthened by 34.52 points to 12,296.57.

The FBM 70 Index improved 22.12 points to 17,736.55, while the FBM ACE Index slipped 16.97 points to 5,198.72.

Sector-wise, the Plantation Index decreased 3.36 points to 7,196.81, while the Energy Index bagged 8.36 points to 929.89, the Industrial Products and Services Index inched up 0.71 of-a-point to 182.31, and the Financial Services Index firmed by 2.36 points to 19,023.02. 

-- BERNAMA