FBM KLCI Stays Lower At Midday, Broader Market's Momentum Positive

KUALA LUMPUR, March 6 (Bernama) -- Bursa Malaysia’s benchmark index stayed in negative territory at midday due to persistent selling activities in selected heavyweights, led by the financial services sector. 

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.40 points, or 0.35 per cent, to 1,559.02 from yesterday’s close of 1,564.42. 

CIMB fell 25 sen to RM7.55, Maybank reduced four sen to RM10.54 and Hong Leong Bank dropped 20 sen to RM21.10. These counters dragged down the composite index by a combined 6.11 points. 

The FBM KLCI, which opened 4.53 points higher at 1,568.95, moved between 1,554.85 and 1,569.43 during the morning trading session.

Meanwhile, the broader market was positive with advancers outpacing decliners 520 to 367. A total of 381 counters were unchanged, 1,074 untraded and seven suspended. 

Turnover stood at 1.86 billion shares worth RM1.29 billion.

In a note today, Malacca Securities Sdn Bhd said following a slower pace of increase in United States private payrolls, investors will closely monitor initial jobless claims and the European Central Bank’s interest rate decision later today.

The brokerage firm opined that Malaysia’s US$250 million partnership deal with Arm Holdings Plc could create trading opportunities within the technology sector, particularly semiconductor counters.

“Also, we remain positive on Itmax System and Time dotCom for their resilient business model and steady earnings growth,” it said. 

Meanwhile, Malacca Securities said, investors may look for bargain-hunting opportunities in the construction sector, which is poised for growth by data centre investments and large-scale public infrastructure projects, ensuring solid earnings visibility over the next few years. 

“Notably, most of the stocks are currently oversold,” it added.

As for the other heavyweights, CelcomDigi eased three sen to RM3.56, Gamuda edged down six sen to RM4.18, Petronas Chemicals gave up three sen to RM3.74, Sime Darby added nine sen to RM2.14, and YTL Power International perked up by six sen to RM3.10. 

As for the actives, G3 Global and NexG inched up half-a-sen each to 1.5 sen and 26.5 sen, respectively, MyEG Services gained 6.5 sen to 97.5 sen, Dagang NeXchange increased 2.5 sen to 28.5 sen, and NationGate firmed by six sen to RM1.47.

On the index board, the FBM Emas Index expanded 1.31 points to 11,615.30, the FBM 70 Index ticked up 123.14 points to 16,519.19, the FBM Emas Shariah Index climbed 52.65 points to 11,298.36, and the FBM ACE Index rose 3.29 points to 4,589.57, while the FBMT 100 Index decreased 6.30 points to 11,390.98.

By sector, the Plantation Index improved 30.40 points to 7,539.87, the Industrial Products and Services Index was 0.77 of-a-point firmer at 156.23, the Financial Services Index slid 171.97 points to 19,130.98, and the Energy Index trimmed 6.43 points to 721.23.

-- BERNAMA