Bursa Malaysia Reverses Early Losses To End Morning Session Higher

KUALA LUMPUR, Jan 17 (Bernama) -- Bursa Malaysia’s benchmark index recouped earlier losses to close the morning session higher as improved buying was seen in selected utilities and financial services heavyweights counters.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 7.35 points to 1,562.89 from Thursday’s close of 1,555.54. 

The benchmark index opened 2.11 points easier at 1,553.43 and fluctuated between 1,545.67 and 1,563.36 throughout the session.

Market breadth, however, remained negative, with losers outpacing gainers 518 to 350, while 461 counters were unchanged, 1,048 untraded and 19 others suspended. 

Turnover stood at 1.85 billion units, valued at RM91.55 billion. 

Malacca Securities Sdn Bhd said higher-than-expected unemployment claims, coupled with softer-than-anticipated retail and core retail sales, spooked the market and contributed to the selling pressure on Wall Street.

It said that despite the negative US overnight performance, bargain-hunting activities in the local market could emerge as stocks have been beaten down to oversold levels.

“We see trading opportunities in the energy sector, which could benefit from the spike in Brent crude oil, while technology stocks may also attract interest given the elevated US dollar environment.

“Meanwhile, there could be a shift from data centre theme to state-specific trading catalyst after the recent selldown, where the Penang light rail transit development and Johor-Singapore Special Economic Zone may boost the construction and property sectors in the near to mid-term,” the securities firm said in a note today.

Among the heavyweights, Maybank added two sen to RM10.16, CIMB and IHH bagged one sen each to RM8.00 and RM7.12, respectively, Public Bank jumped five sen to RM4.44 and Tenaga expanded 44 sen to RM13.56.

Of the active stocks, Gamuda shed 13 sen to RM4.13, CBH Engineering fell 1.5 sen to 32 sen, SNS Network decreased two sen to 52.5 sen, while Velocity Capital was flat at eight sen. TWL Holdings increased half-a-sen to three sen.

On the broader index, the FBM Emas Index gained 38.08 points to 11,963.13, the FBM Emas Shariah Index improved 32.68 points to 11,795.38, and the FBMT 100 Index garnered 39.56 points to 11,654.45.

The FBM 70 Index went up 3.49 points to 17,834.01, but the FBM ACE Index lost 40.57 points to 5,118.37.

By sector, the Energy Index inched down 0.01 of-a-point 831.47, the Financial Services Index recovered 82.24 points to 18,817.57, while the Industrial Products and Services Index edged up 0.43 of-a-point to 165.78, and the Plantation Index slipped 13.27 points to 7,323.11.

-- BERNAMA